We all have them – habits. Humans are a habitual species by design so it’s no wonder we struggle to break bad habits all our lives.

But are your habits – those things that you do every day without even thinking about them – driving you broke?

From buying that morning cup of coffee to purchasing your first car, ingrained habits of a lifetime could be the biggest reason why you aren’t wealthy.

The small stuff

Let’s start with the small stuff.

Every day, all of us do things out of habit.

From catching the same train in the morning, to buying that morning coffee, to eating the same breakfast cereal we have for the last 10 years. All day, every day, we do the same things, some of which costs us money.

Do you buy your lunch every day? Do you have a soft drink with lunch? How about that afternoon coffee or tea?

Have you ever stopped to ask yourself why you do these things?

Is it because you like them, or is it just because you have always done them? And if you are not sure if cutting out that soft drink with lunch will make any big difference, you may want to rethink that.

Let’s move on to the bigger picture.

The big stuff

As well as everyday habits, we are guilty of life-long habits as well. Buying your first car was most likely more of a habit than you might think. Why did you have to get a car? Was it for a useful purpose or merely because that’s what you do?

And why do you have that second car? Is it really necessary, or was it just a habit of a life-time that is self-perpetuating?

These questions are important as you could save over $6,000 per year by ditching the second car.

It might be time to ask yourself ‘how much could you save if you thought about everything you do?’. From buying that morning cup of coffee to thinking about why you bought your home?

Your home

Yes, even buying your home could be due to a society-wide habit rather than a choice.

Why did you feel the need to buy at all? Because that’s what you wanted, or because that’s just what’s done?

Would you be better off renting and investing rather than buying? Would you even entertain the thought?

Your ingrained and life-long habits could be costing you a lot in wasted cash that could be better used to grow your wealth.

What do you do that could be a money-wasting habit?