5 Major Habits that Cost You Highly

In our daily routine most of us perform few bad habits and ultimately they have to suffer a great lose in return of these habits. We are not forcing here to burn off these habits but avoiding them can bring some money into your life.

1: To pay Minimum amount of Credit card:

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Paying just the minimum amount on your credit card balance every month may keep your creditors happy, but it’s not helping you pay off the increasing interest charges.It’s a trap they use to make bigger out your payments for years,costing you hundreds and yet thousands of dollars in interest.For example, a $5,000 balance with a monthly least amount payment of 4 percent and an APR of 18 percent will take you just over 11 years to pay off, costing you around $2,875 in total interest paid.If you don’t trust, you may check your credit card calculator to see the real cost of paying only the least amount. Results are shocking, and you may just rethink your minimum payment habit since it can cost you thousands.

2:To buy a brand new car:

If you feel affection for that new car smell then take a whiff of how much you’ve lost in reduction just by driving it off the lot. According to trendy car site Edmunds, “New cars decrease in value very quickly when they are first sold. Drive a new car off the lot and it can lose 20 percent of its value.”

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The Edmunds True Cost To Own calculator shows the math at the back this common reduction. For example, a brand new 2010 Subaru Outback with a sticker price of $25,221 depreciates a surprising $4,138 in the first year of ownership, $2,690 in the second year, and another $2,367 in the third. That’s over a third of the car’s primary value depreciating in three years.

Why pay such a vertical price when there’s a smarter driving habit to consider? Buying a used car can save you big! Opting for a second-hand car over a new one will not only cost you thousands less on the initial price, but the depreciation is less extreme too. That same Subaru Outback only depreciates around $1,800 in year five, so skipping the new wheels and driving a softly used car will save you thousands of dollars a year.

If you’re in the market for a newly used car, learn the gotchas in How To Buy a Used Car (without sipping lemonade). This guide on How to Sell Your Used Car Online is obliging if you’re looking to sell your clunker for something with fewer miles.

3: To keep a drafty attic:

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If your house has an attic, then probability are its leaking dozens of dollars a year in energy costs. Adding insulation and making the attic hatch airtight with weather stripping can reduce your year-round energy use between 20 to 60 percent, saving you hundreds a year. Try these easy 3 Attic Insulation Methods to Seal in Savings to cut these drafty leaks from your wallet. While you’re looking for energy savings, consider buying a few inexpensive foam insulation gaskets and outlet plugs to Child Proof Your Electrical Outlets to Cut Energy Costs – this is a fun and easy DIY project.

4: To Ignore Your Study Debt:

bad habit ignoring study debt 05 5 Major Habits that Cost You Highly

If your house has an attic, then probability is its leaking dozens of dollars a year in energy costs. Adding insulation and making the attic hatch airtight with weather stripping can reduce your year-round energy use between 20 to 60 percent, saving you hundreds a year. Try these easy 3 Attic Insulation Methods to Seal in Savings to cut these drafty leaks from your wallet. While you’re looking for energy savings, consider buying a few inexpensive foam insulation gaskets and outlet plugs to Child Proof Your Electrical Outlets to Cut Energy Costs – this is a fun and easy DIY project.

5: Smoking:

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We all know that smoking is awful for your health, but have you measured what this deadly habit does to your wealth? By smoking one pack of cigarettes a day at an average cost of $5.33 per pack, this general habit can cost $1,945 in just one year. After five years, you’ve burned through over $9,700 dollars just to light up. Not to talk about the possible for sharp health care costs down the road.


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