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by: Rama Charan
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Nicotine, caffeine, & alcohol.  These are the three big ticket items that can break your budget, but many people are willing to pay for them no matter the cost.  Maybe your personal indulgence isn’t as costly, but whatever your weakness is, sit down and do the math to determine how much you’ve been spending. 

Cigarettes:  burning money
Without a doubt, everyone knows the dangers of smoking and the long-term health hazards it can lead to, so who needs a better reason to quit?  A lot of people!  The desire to quit may not be enough.  But what about your finances?  You’ll pay more for health care and insurance as well as spend more money on dry cleaning and teeth cleaning, not to mention the lower resale value of your house and car. In some cases, you can even lose your job!  If you’ve got debt that you’re committed to pay off, this is one area where you can save.  If you pay an average of $4.50 per pack to support a pack a day habit, you burn through $31.50 per week, or $1,638 per year.  If you can get through the detox, you could take the money and pay off debt, go on that long overdue family vacation, save, or invest it.

Caffeine:  what’s the entire buzz?
A cup of coffee brewed in your own home is not the problem here.  It’s the expensive specialty coffees that you pick up on your way to work every morning.  According to E-Imports, a leading provider of espresso business solutions, specialty coffee sales are increasing by 20% per year and among coffee drinkers, the average consumption in the U.S. is 3.1 cups per day.  It’s easy to figure out what you spend on coffee every month and multiply that by twelve.  Again, imagine what you could have saved.

Alcohol:  the savings may be sobering
Whether you drink socially at a bar with friends on the weekend, or enjoy a good bottle of wine with dinner at home, the cost can really add up if you indulge on a regular basis.  Lets say your bar tab of two beers per day at $4 adds up to $56 per week, or $2,920 annually.  If your budget is out of wack, it is certainly a luxury that can and should be eliminated. 

After looking at the numbers, hopefully you may find renewed motivation to cut back, save, and improve your health in some cases.

About Christian Credit One, Inc.

Christian Credit One, Inc. is a national, non-profit Christian Credit Counseling organization dedicated to helping consumers achieve financial wellness through christian credit counseling and education. Established in 1994, Christian Credit One has helped over two million individuals achieve financial security. Christian Credit One is one of the top members of the American Association of Debt Management Organizations (AADMO), Christian Credit One manages clients across the country. Personalized and confidential consultations are available in person, by phone or online. Visit Christian Credit One or call 888-767-9155.

Greg McTaggart, Certified Credit Counselor with 22 years experience, licensed by AFCPE, Director of Christian Credit One and is an expert in budget and christian credit counseling.  Having the combined experience as a licensed Real-estate salesman, Mortgage Broker, Real-estate Broker, Notary, Ace Member of the Cincinnati Credit Executives, Mortgage Assistance Counselor and Spokesperson of the radio talk show “The Money Mentor”, Greg McTaggart is a qualified Christian Credit Counselor to help you.

About the Author

Greg McTaggart, Certified Credit Counselor with 22 years experience, licensed by AFCPE, Director of Christian Credit One and is an expert in budget and christian credit counseling.  Having the combined experience as a licensed Real-estate salesman, Mortgage Broker, Real-estate Broker, Notary, Ace Member of the Cincinnati Credit Executives, Mortgage Assistance Counselor and Spokesperson of the radio talk show “The Money Mentor”, Greg McTaggart is a qualified Christian Credit Counselor to help you.

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