Most people have a vice of some sort. Something that causes you to go weak at the knees and give in. For some this is comfort food (think obsession with carry-outs or ice cream) or maybe drinking too much (one drink leads to another or you just don’t know when to stop)! My vice is probably Lucozade – a brand of fizzy drink or soda – and cheesecake…. I frequently them both!
Like any habit, it is difficult to control and discipline yourself, but there are a few different techniques that I use in order to stop myself getting carried away!
1. Don’t Buy it / Limit your Purchases!
This sounds so simple, but simply by not buying Lucozade or cheesecake, my cravings are far less likely to be answered! Traveling to the shop to buy a single bottle of juice seems far less appealing than taking a bottle out of the fridge. If you plan to treat yourself now and again, limit how much of whatever it is that you crave, that you buy. This almost goes against my rule of saving money on groceries (buying in bulk), but in this case it is necessary. If I buy myself a single packaged slice of cheesecake, I am probably paying about 3 times the equivalent price, but it helps me to retain control and stops me getting fat! Trust me, I will eat that whole cheesecake in about 2 nights otherwise!
This was a hard lesson to learn – the engrained frugal side of me was cringing at the savings to be had on buying a multi-pack of the drink as I put a single bottle into the trolley!
2. Substitute
Substituting items is a great way to help break a habit or simply save some money. For those who like to have a few too many drinks, you could try substituting for a cheaper brand. Not only will this save you money, but drinking might lose some of the appeal. Shopaholics – try substituting your trip to a high-end mall to a lower end shopping center or even a market. Heck, perhaps try shopping online! If your vice is smoking, try buying an e-cigarette. This will provide you with the nicotine that you crave, but at half the cost. It is also a lot more convenient given that they can be used in many public places without stepping outside! (In the UK we are not allowed to smoke indoors in public places)!
3. Pay Cash
The world of contact-less payments and fancy plastic has made spending money far too easy! People were far less frivolous with their money when they had to write a cheque or hand over cold, hard, cash! Paying by card is so much quicker and more convenient, that we don’t have time to consider if we can afford something or change our mind on what to buy. You see the total, you slam your card in and BOOM the money is gone. Where we were once constrained by how much we had in our wallets / purses, we are now constrained by how much we have in our banks or overdrafts…. or credit card allowances!
4. Keep Track
Finally, if non of the above tips are working for you, try monitoring just how much your habit is costing you. If you are a latte-aholic, keep tally of how many you have in a given month and work out what proportion of your pay that is. Consider what else you could buy. Maybe buying a travel mug would be the best investment you could ever make?!
Got any expensive habits that you want to share?
While all are good methods of saving money on habits/vices, I really like ‘Keep Track’ as it has the ability to make the financial implications of your habit/vice more real. Once you write something down and actively track it, you can quantify the impact. That really drives home the principle of Opportunity Cost.
Absolutely agree James… trouble is a lot of us get scared and don’t want to face the fact that the vice is costing so much! 🙂
Very true. The hardest part about being financially savvy is not necessarily the acts of developing a plan or choosing investments, but being completely honest about our current consumption/spending habits.
Every month I track each and every purchase and then evaluate where my money went. It’s eye opening sometimes as to how expensive some habits are! I love to eat out (because I’m too lazy to cook, haha!) and it’s really expensive. It’s also motivating, though, to see the numbers because it makes me stay home for dinner more often.
Daisy – you are absolutely right. I look back at my tracked expenses some months and think how the heck could I have spent so much money on this or what on earth led to that?! Maybe we should start printing them out on the fridge!!
I think it is really hard for most of the people to stop their vices. In my opinion, divertional activities can really help to get your mind out of your habit.
True dat! And even better if these activities result in a positive change… like exercise! 🙂
The cash thing is really key! Cutting down did not work too well for me (I like wine a lot!), but I did find cheaper wine to drink.
Expensive wine for the first glass, then move on to the cheaper stuff 😉
My main vice was smoking and it was really difficult to give up. I did manage to stop for around three months but the temptation was too much. In the end I switched to e-cigarettes and have been using them for about a year. It has saved me so much money it’s untrue.
I find that the best way to avoid my vice (a can of dr pepper!) is to avoid carrying cash. If I don’t have any money in my wallet I feel bad putting such a small purchase onto my card so I simply don’t purchase. I still have access to funds (via my card) if required to get me out of trouble, but just no small cash to burn.
I think keeping track is the first step to help people determine if they really ought to be spending money on that vice. That can lead to a realization that there is a problem. Once that’s been recognized, the change process can start. To me, it sounds like you should flip the order of the list 😉
This blog was indeed great! I salute you in thinking this kind of blog. It will enlighten the minds of everyone on saving money.