Change These 3 Habits and Retire Wealthy

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Some expenses seem small at the moment, but over time drain an astonishing sum of money from your future funds. Stop or cut back, and the results can be dramatic by the time you retire.

Some Americans enjoy sipping on a $6 designer coffee in the morning. Others hate the planning, shopping and cooking associated with eating at home so they opt to dine out instead. And still others like to deal with life’s everyday stressors by lighting up a cigarette for a quick nicotine fix.

Sound familiar? Those are some of life’s guilty pleasures.

Am I going to tell you that you should stop those habits? Of course not. But if you keep reading, you may decide to stop — or at least cut back– on your own.

It’s no secret that eating out, getting your morning caffeine fix at a coffee shop and smoking your way through a pack of cigarettes a day are expensive habits. But those guilty pleasures can cost you even more later in life if they prevent you from saving for retirement.

It can be difficult — though not impossible — to cut back some on life’s guilty pleasures. But once you see how much money you’re losing in potential retirement savings by continuing with these money-sucking habits, you may be convinced to cut back or give it up for good.

CNN Money says these three habits are draining your wallet and could be to blame for your lack of savings:

  • Daily coffee purchases: Do you make daily trips to Starbucks or another coffee shop for your morning java fix? You might start brewing your coffee at home once you hear this: If you cut back to once a week buying your favorite coffee drink, and put the rest of the money you typically spend on coffee each week into a savings account, you could end up $79,085 ahead once you retire, according to CNN Money.
  • Dining out: Eating out is fun, convenient and easy, but if you’re eating out too often, it can get really spendy. The average American blows $252 each month dining out, according to information from the Bureau of Labor Statistics. If you can eat at home just two more meals a month, CNN Money estimates you’ll save $63. Although that doesn’t seem like much now, if you’re in your 20s and you reduce the number of times you eat out each month by two meals, the payoff is huge. By CNN calculations, if you save that money — and it earns an interest rate of 7.8 percent each year — you should have an extra $207,598 in your account at retirement.
  • Smoking: You’ve been told smoking cigarettes is bad for your physical health, but it’s also bad for your financial health. If you go through a pack of smokes a day, you’re spending roughly $176 a month on cigarettes. If you go cold turkey in your 20s, and save that cigarette money instead of letting it go up in smoke, you’ll have an extra $579,957 when you retire, CNN calculates. You read that correctly. That’s more than a half a million dollars you could save!

Check out “7 Reasons You Will Retire Poor.”

Do you have any of the expensive guilty pleasures listed above? Sound off below or on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 10 Insurance Products That Are a Waste of Money

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,902 more deals!