I was a bit surprised the other day while talking to two people who mentioned about their plan to turn their financial situation around into something positive. Of course, I suppose everyone has something that they do which they know is a money drainer that can easily be fixed if they simply doing the habit in question.
The most interesting part of it I thought was how the conscience was that everyone seemed to have a tolerance level in terms of how much money they can waste as they factor in continuing with money draining habits.
For example, letâ€™s say one person spends say $200-$300 a month solely from buying coffee from stores. That is a pretty common habit for many too. So, then letâ€™s take a person who doesnâ€™t drink coffee at all but instead has another habit such as frequently drinking alcohol or smoking cigarettes.
So the mentality was that they save a lot of money from not spending hundreds of dollars on coffee a month and so when it comes to financial discipline they expressed that they are on the same level as others and so they donâ€™t really need to worry about their habits.
I have always been personally inclined to base my spending habits on my own standards as oppose to comparing it to others to justify certain types of spending. Otherwise it is almost like the dangerous mentality that some people have with a credit card such as saying most people carry a balance on it anyways which means that should be okay for you too.
For myself, I personally donâ€™t have an amount or figure designated to how much is okay to blow on a bad habit. It is more about the current situation and what makes the most sense.