Lifetime Costs of Bad Spending Habits

Your usual spending routine could be costing you thousands! 

This past Monday I was featured in an early morning segment called "Saving You Money" on WGME Channel 13. One of the things I mentioned was frivolous spending and how a few bucks on coffee every morning really adds up. 

Maybe you're not the coffee type, but we've all got something we often spend money on even though we really don't need to! To put things into perspective, I wanted to show you the lifetime cost of making these casual and frequent purchases. 

Here are some examples of popular bad habits that really end up costing you in the long run! These examples come from SavvySugar.com and they truly are an eye opener!

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Playing the lottery:

Assuming the average return on a $1 ticket is 47 cents, buying a buck ticket every day for 60 years will set you back $11,600. No big deal.

Withdrawing money from random ATMs:

If you pay a $3 out-of-network ATM fee twice a week for 60 years, you're losing nearly $19,000. We know it might be quicker to grab money from the nearest ATM, but wow... that is a lot of wasted money.

Drinking soda:

If you buy only two $2.50 bottles of pop a week, and do this consistently for 60 years, then that amounts to almost $15,000! WHAT!

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Your morning latte:

This one your have heard before, but I'm telling you again. A $4 drink every morning will cost you $88,000 over 60 years.

Not packing your own lunch:

Buying lunch usually costs around $10, compared to a lunch costing around $4 when made at home. This added cost over 60 years of work days will cost you $94,000. Even if you only buy lunch twice times a week, it will cost you $57,000 over 60 years. Ridiculous, right?!

Paying monthly banking fees:

If you pay $13 in monthly fees for just having an account, if you pay that for 60 years then that is almost $10,000 out of your pocket! What a PERFECT reason to get a Free4Me Account at participating Maine credit unions.  The Free4Me Account has no minimum balance and no monthly fees! 

Take all this into consideration...

If you stop buying lottery tickets, stop withdrawing from random ATMs, stop drinking soda, stop paying monthly banking fees, start bringing your own coffee and packing a lunch for work everyday... then you will save $237,600 over 60 years. That is some SUBSTANTIAL savings!

Hope this made you think!

Lauren R.