Addictions could be very costly in the long run if not examined and put under control. It could be food, time, dependence, drinks, luxury and more.
People who drink coffee daily on-the-go could start by asking themselves if they really need it.
It is said that cutting coffee addiction out can add a big boost to one’s savings by £3,000 in five years – and by £10,000 after 13 years.
Paying for gym subscription is quite expensive though it could be argued that the need for weight loss makes it necessary.
Haven’t you thought of buying a one-time weight loss equipment that can serve the same purpose at home? Cutting gym subscriptions can rack up about £10,000 in less than nine years.
What about taking your own food to work instead of paying for fast foods or eating at restaurants? You could accumulate about £10,000 in a little more than seven years.
Giving up smoking can create an additional savings. It is estimated that quitting smoking could yield over £28,000 in 10 years, and after 20 years the non-smoker might have amassed £72,000 as a reward.
These savings could be invested in companies with reliable share markets for profits that will accumulate over the years.
An Investment Professional Guy Sears says: “It is of course impossible to predict what the next seven years may bring, but with good-quality advice and a long-term horizon, more savers may be able to benefit from the profits that investing your savings can offer.”
“In addition, investment managers have innovated in recent years and now offer product ranges that can help savers to back the markets with controlled levels of risk.”