Bad Health, Bad Credit? Lifestyle Choices and Financial Consequences

Poor health choices can affect more than your blood pressure. Wasting money on unhealthy habits can take a toll on your annual budget. Less money equals fewer options when it comes to credit repair. Do your body and your wallet a service by kicking these habits and redistributing the wealth. A little change could make a big difference.

• Fast food

It’s no secret that fast food is bad for your health. According to the U.S. Labor Department, the average household spends $2,668.00 dining in restaurants each year. While there are healthy options away from home, paying a 60% markup on ingredients is anything but healthy for credit repair. Why not spend that extra $2K where it counts? Use your money to pay down debt or invest in an IRA for retirement. Improving your financial future carries more intrinsic value than a meal at the local diner. Protect your credit score and your waistline—make different choices.

• Smoking

Depending on your addiction, smoking is likely costing you hundreds or even thousands of dollars each year. In addition to shortening your life and raising insurance premiums —those little nicotine sticks are wasting valuable cash with each puff. Why not use your monthly cigarette budget to focus on credit repair? Hire a professional to help you with your goals or take on an installment loan to diversify and improve your portfolio. Whatever you choose, the results are undoubtedly better than smoking your life away.

• Alcohol

The average person spends over $450.00 on alcohol each year. While this figure doesn’t necessarily suggest a drinking problem, spending $11.00 on a martini is anything but healthy. Why pay an outrageous markup for something you could get at home? Consider hosting a cocktail party in lieu of drinking at the bars. At the very least, look for happy hours in your area and cash in on discounts. Use the money you save to pad your savings account. Maintaining good credit is about preparing for emergencies. The need for credit repair often arises when the bills are late and there is no safety net in place. Keep your risk for credit repair low by laying off the beer and directing your savings to a loftier goal.

• Caffeine

You may be thinking, C’mon, how much am I wasting on a little cup of coffee? True enough if you brew your beans at home, but think twice if you have a coffee bar habit. The average coffee drinker spends over $8.00 every time they visit the local java house. For those keeping score, that’s $40.00 per week or $2,080 per year! Staying alert has its cost, but how much are you willing to pay? Coffee shops build their businesses on convenience; the same factor stands to break you budget. Do yourself a favor and invest in an at-home coffee brewer. Use your savings to give your credit repair goals a jolt. Reduce your credit utilization ratio by paying off some credit card debt. Paying off debt may not be as exhilarating at a shot of espresso, but the lasting credit repair results are anything but dull.