Everyone has guilty pleasures, often so named because of the disproportionate effect they can have on your finances. There's nothing wrong with any of these guilty pleasures in moderation, but with small changes to your habits you can make huge changes to your bank balance.
For today's guilty pleasure we'll be looking at gambling.
The house always wins
Regardless of your attitude towards it, there's no denying that gambling is an expensive habit. The odds are inevitably stacked against you and the old Vegas maxim almost always rings true: the house always wins.
The national lottery is no different to this. Remember: "It could be you!", but 13,999,999 times out of 14,000,000 it won't be.
Never, ever, attempt to use gambling in an attempt to escape from financial difficulties. In all likelihood, you'll only make the situation worse. Instead, speak to a free, qualified and independent debt adviser such as those offered by the CAB. No debt is insurmountable.
Gambling is addiction forming. Not everyone who gambles is an addict, in the same way that not everyone who has a glass of wine on the evening is an alcoholic. It is, however, important that you're able to recognize a problem if one exists.
The most effective way of saving money would be to stop gambling entirely, but some people enjoy the thrill that comes along with it. Pennysitter is about saving money without taking the enjoyment out of life. For the most part, this article will look at keeping things in moderation, gambling only as much as you can afford to lose, and establishing discipline.
If you feel that gambling is becoming a problem for you, or you are concerned about the gambling activities of a family member or friend, you can visit Gambleaware.co.uk which features useful expert advice on how to better manage a gambling habit.
Remember, you don't have to stop to save money. In fact, even the smallest change to your habit can have a massive impact on your long-term savings. Every pound saved is a pound earned.
Setting limits
"I'll stop after the next win."
"The next go could be the lucky one."
"I almost had it! Just a little more..."
"It's ready to pay out!"
If these thoughts, or thoughts like them, are familiar to you, it's likely that your self discipline could use a little work. It's all too easy to be drawn into gambling - it's designed and contrived to do just that - but it is important to know when to stop and only spend what you can afford to lose.
This has become much more difficult since the arrival of online gambling. Once upon a time it would have been a case of keeping yourself from entering the casino, but at just a keystroke away the temptations can be more overwhelming than ever before.
Before you sit down to gamble, work out how much you can afford to spend and do not exceed it no matter what happens. If you're gambling online, it can be more difficult to keep track of your money, but be vigilant. Remember: losing does not increase your chance of winning - there is no prize 'waiting' for you. If you are winning, learn to quit while you are ahead.
Always keep a diary of how much you are spending on gambling games, and how much you are winning. At the end of each month, add up each and compare. The figures may be eye-opening. Even if you don't wish to stop or cut down, it is still useful to at least be aware of how your money is moving.
Bargaining
You can still save money by seeing gambling as a form of currency in negotiations with yourself. By making yourself choose between two things you want / want to do, you are still going to save money in one way or another.
No matter what you're doing to cut your daily spend, bear in mind that every pound saved means £365 a year that you can keep as financial security or for treating yourself at the end of the year.
Conclusion
Gambling can be a fun thrill, or it can destroy your life. Find out where you need to draw the line and draw it thick. Remember, you don't have to stop to save money. In fact, even the smallest change to your habit can have a massive impact on your long-term savings. Every pound saved is a pound earned.
Everyone has guilty pleasures, often so named because of the disproportionate effect they can have on your finances. There's nothing wrong with any of these guilty pleasures in moderation, but with small changes to your habits you can make huge changes to your bank balance.
For today's guilty pleasure we'll be looking at drinking.
Down the hatch
Regardless of whether you think it's a good thing or a bad thing, there's no denying that drinking is an expensive habit. Alcohol is becoming increasingly expensive, particularly following the minimum price per unit imposed in the UK markets.
The most effective way of saving money would be to stop drinking entirely, but realistically most people enjoy a drink. For the most part, this article will look at keeping things in moderation.
If you feel that alcohol is becoming a problem for you, or you are concerned about the drinking of a family member or friend, you can call Drinkline -the national alcohol helpline. It is a free and confidential service that is available 24 hours a day at 0800 917 8282. Additionally or alternatively, consider visiting Alcoholics Anonymous (AA) and DrinkAware.co.uk.
Pennysitter is all about saving money: there are plenty of other websites, as mentioned above, that deal with other aspects of drinking. You don't have to stop to save money: in fact, even the smallest change to your habit can have a massive impact on your long-term savings. The following example illustrates the effect that drinking just one fewer pint a week can have on your income.
- Example:
- 1 fewer pint per week (average: 2.50 each)= 52 fewer pints per year.
- 52 fewer pints = big savings (average: 130 per year).
For a more accurate estimate of how much you are spending on pints, take a note of the price at your local pub or the typical supermarket price.
It's always worth keeping a diary of how much alcohol you drink. Even if you don't wish to stop or cut down, it is still useful to have this awareness, and nobody has to see it.
Bargaining
You can still save money by seeing alcohol as a form of currency in negotiations with yourself.By making yourself choose between two things you want, you are still going to save money in one way or another.
No matter what you're doing to cut your daily spend, bear in mind that every pound saved means £365 a year that you can keep as financial security or for treating yourself at the end of the year.
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N.B. If you're trying to stop drinking or cut down, make sure you're doing so safely. Any reduction in the amount of alcohol you are drinking must be gradual, otherwise you could suffer severe side effects from withdrawal. To find out how to cut down safely and to find links to other support organizations, visit NHS Alcohol Support.
Everyone has guilty pleasures, often so named because of the disproportionate effect they can have on your finances. There's nothing wrong with any of these guilty pleasures in moderation, but with small changes to your habits you can make huge changes to your bank balance.
For today's guilty pleasure we'll be looking at smoking.
Up in Smoke
Regardless of whether you think it's a good thing or a bad thing, there's no denying that smoking is an expensive habit. Cigarettes are becoming increasingly costly, and this is in no small part due to the massive taxes levied on them by HMRC.
The most effective way of saving money would be to quit smoking entirely, but this is difficult and deeply personal. If you do wish to quit but are in need of help, you can find support and guidance at http://smokefree.nhs.uk/.
You don't have to quit smoking to save money: in fact, even the smallest change to your habit can have a massive impact on your long-term savings. The following example illustrates the effect that smoking just one fewer cigarette a day can have on your income.
- Example:
- 1 fewer cigarette per day = 365 fewer cigarettes a year.
- 365 fewer cigarettes = 18 and 1/4 fewer packets (of 20).
- 18 and 1/4 fewer packets x cost of a packet (average £6.50) = big savings (average £118)!
For a more accurate estimate of how much you are spending on cigarettes and, more importantly, how much you could be saving by making small changes to your habit, check out the NHS' Cost Calculator. The calculator also offers suggestions as to what you could do with the money instead.
It's always worth keeping a diary of how many cigarettes you are smoking per day. Even if you don't wish to stop or cut down, it is still useful to have this awareness, and nobody has to see it.
Bargaining
You can still save money by seeing cigarettes a form of currency in negotiations with yourself.
- Example:
- "Instead of smoking this packet, I'll treat myself to a box of chocolates."; or
- "I'll smoke this packet instead of going to the cinema tomorrow."
By making yourself choose between two things you want, you are still going to save money in one way or another.
No matter what you're doing to cut your daily spend, bear in mind that every pound saved means £365 a year that you can keep as financial security or for treating yourself at the end of the year.
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N.B. If you're trying to quit or cut down, make sure you're doing so safely. Any reduction in the number of cigarettes you are smoking must be gradual, otherwise you could suffer severe side effects from withdrawal. To find out how to cut down safely, visit http://smokefree.nhs.uk/.
