How to Stop Your Vices From Sending You Broke.

by Fox Symes on March 19, 2014

We all like to have a good time, and we all like to consume our favourite foods and drinks. However, there may come a time when such behaviour seriously impinges on our financial situation. And it’s at this time when we may need to take a step back and evaluate whether our vices are sending us too far down the rabbit hole. If you’re currently struggling to contain your vices from sending you broke, then read on. Here are 3 tips you can employ to stop them from ruining your financial future and regain more control over your financial life.

1. Set a weekly budget.

An effective way of making sure your vices don’t dwindle your financial savings, is to set a weekly budget on the particular vice you’re trying to target. For example, if you’re trying to limit your consumption of coffee throughout the week (a hard task indeed!) determine a weekly amount you’re willing to spend on this delicious brew. Of course, make sure the amount you plan to set aside still allows you to make ends meet, and allows you to continue saving towards whatever savings goal you have in mind. Having a limit on the amount you can spend on coffee (or whatever vice you’re trying to target) will (hopefully) give you the necessary restraint to stop yourself going overboard with your coffee expenditure.

2. Put budget money aside.

Once you’ve determined a weekly amount you’re willing to spend on your particular vice (coffee, alcohol, cigarettes, cupcakes, etc.), put aside that money (yes, physical notes and coins) in a jar and store it somewhere prominent in your home. Each morning, take out only your allocated amount per day. Then stick this money in a little plastic bag, and label it appropriately (e.g., coffee money). Throughout your day, only take from this bag to satisfy your coffee cravings. If the money runs out, then that’s it for the day. Do not use any other cash you may have, nor your credit card.

3. Hold yourself accountable.

An excellent way in ensuring you stick to your vice budget is to hold yourself accountable. This works a treat when you get someone else involved. For example, ask your partner or close friend to keep an eye on you, and allow them to monitor both your weekly budget, your vice jar, and your daily activity. Then, set up a penalty fee (e.g. $50) if you fail to stick to your budget. Having a penalty fee wavering over your head can give you that extra bit of restraint when that urge comes about. Of course, it you do fail, pay up. But don’t be too hard on yourself. Get back on the wagon and try again. Any effort spent to curb your vice spending can only benefit your financial future, and strengthen your will power.

We all have our vices. And we all love to give in to them as much as possible. However, too much of anything is usually a bad thing, whether for our health, relationships or financial situation. If you’re looking for ways to stop your vices damaging your financial bottom line, make sure you take note of the above and put them into place today. The above may just save you from yourself.

Previous post:

Next post: