This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Are you ready to give it up?
Convenience is king. If you have the resources (or don’t), eating out and dining out can add up quickly. A guy was confused as to why he never had any money, and he never thought to look at how much he was spending on eating out. If your average meal out costs anywhere from $10-$30+ and you’re eating out multiple times per day and week, well, there you have it.
Some of you are likely eating out for more than convenience, though. You might be a foodie, a food addict, stressed, depressed, or not taking much consideration regarding your health.
If you want to build wealth, curb your eating out habit unless you’re on track with your investing and savings goal and aren’t drowning in debt.
2. Alcohol
A lot of research says some alcohol is good for you (e.g., wine), but I guarantee that a workout, veggies, and removing stress from your life will beat a glass of wine, a can of beer, or a shot of liquor any day of the year.
Not only is alcohol not the best for your body, but the drink adds up quickly – especially if you’re buying by the drink.
If you like to drink when you go out, set a budget. But if you’re in significant debt, consider re-thining wasting your money on any drinks – as it won’t help your financial cause.
3. Online Shopping
One thing that is never-ending is the amount of stuff available for us to buy. And the stuff is getting better, more enticing, and more convenient. You can now order stuff and have it to your door within minutes, which is great but dangerous if you lack self-control.
If you find yourself shopping a bit too much, remove shopping applications from your device or quit cold turkey, implement discipline, and start buying only what you need.
73% of our purchases are impulse purchases, which means we don’t plan most of our purchases, which also means we’re overspending on items we had no intention of owning.
Think again about your next purchase, and don’t give in to the insidious marketing and advertising tactics that so many fall prey to daily.
4. Recreational Drugs
Living sober is one of the most financially intelligent ways to live because it automatically eliminates cigarettes, alcohol, weed, powders, and pills.
But many people don’t want to live a sober life.
Well, if you choose to engage in recreational drugs, it can come at a financial cost (not to mention physical, mental, and emotional if you aren’t careful).
5. Going Out/Partying/Experience Seekers
I love to travel. I love experiences. I love getting out. But I also balance these with plenty of free activities, discounts, and discipline. Moreover, I ensure I never sacrifice my investing for any of these because I know absolute freedom and experiences come from creating financial freedom, which requires initial discipline.
If you’re a constant experience or travel seeker, how can you balance these desires without negatively impacting your budget?
If You Have An Addiction or Don’t Know If You Have One
If you have an addiction or are unsure if you have an addiction, go to an AA meeting to learn if you are. It is popular advice to cross a river at its most shallow part. But if you’re already downstream in the middle of a river and its strongest currents, it’s not too late to get help. You have to choose not to allow your vices to overpower and rule your life, habits, and choices.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.