How bad is it?
Within the high costs of living in Australia there’s a bunch of hidden costs caused by vice and wasteful spending.
We estimate that the average Aussie adult could waste $16,263 per year if lifestyle choices and spending habits get out of hand.
Where does it all go?
The obvious destructive vices: smoking, drinking, drugs, and gambling. Then there are all the other ways to waste money on things that will leave you with the feeling of guilt, shame or regret!
The list of Vice and Waste
- Cigarettes - Smoking is generally on the decline but the average smoker continues to literally ‘burn’ through a pack of cigarettes every other day costing $6,370 per year.
- Booze - Sink just 6 beers and a cheap bottle of wine each week and you’ll be pouring away over $1,500 of your money per year.
- Drugs - Puff or pass? Feeding a “recreational” drug use could easily see an average of $645 go up in smoke each year.
- Gambling - Lady luck knows how to take over $1,000 of your money each year in the form of lotto tickets, scratchies, pokies, betting apps horse races and sports.
- Coffee - The daily coffee run for a cafe bought coffee will cost you a painful $1,460 per year.
- Fizzy drink - Yup, that daily $2 can of refreshing cola or energy drink adds a ton of sugar into your body and slowly depletes your funds.
- Junk food - We’re forking out big on junk food and snacks laden with processed ingredients, salt, fat, and sugar. Tastes amazing but with every bite, it’s killing you and your finances by around $1080 per year.
- Speeding tickets & Parking fines - Pick up just one speeding ticket or parking fine each year and it’ll set you back around $250. Thankfully, the government knows how to put your donation to good use.
- Unused gym memberships - You paid, you went and then you stopped going for some reason. But you allow your membership fee to continue because you convince yourself that you’ll go back soon. Same goes for popular new online fitness apps. Annually that’s $780.
- Expired gift cards - The ever popular “I don’t know what to give you” gift can typically leave $77 sitting on it that goes unused. Eventually, the money loaded on that gift card expires. Once that happens, its recouped by the issuer.
- Unnecessary clothes & shoes - Sure we need to wear clothes but there’s no doubt that it’s easy to spend extra on unnecessary clothes and shoes. Factor an estimated $1,040 on excess threads.
- Online games - Just five years from now will anyone still think it was a good idea they bought those character outfits on Fortnite or extra diamonds on Boom Beach? Estimated $87 per year.
- Live music events - We’re just counting the ticket prices for those overhyped concerts and music festivals. Not to mention the cost of getting ready, getting there and the other expensive purchases made in and around the events.
- Late fees on bills - It’s all too easy to forget that upcoming household bill or credit card due date because of our forgetfulness, lack of attention or lack of money on hand when it was needed. Banks and telcos don’t mind charging you $24 per year for the service.
- Credit Card Interest - Leaving a balance on your card getting charged interest at an average of 17% will see you donating $100’s to the banks.
- Other - Estimated $100 all that uncategorised dumb stuff that depletes our bank balances.
What could you have bought?
Divert your spending from just a few of these key areas and in no time you’ll have enough to book a water bungalow in Fiji, experience business class trip somewhere amazing, or buy shares in high performing listed companies or put a deposit down for a property.