How much could ditching these 4 febfast vices save you in 2018?
Wednesday 07 February 2018
Sometimes the motivation needed to start your new year's resolutions takes a bit longer than a month to kick in - especially if you’re still coming out of holiday mode in January.
So what better way to clean off the proverbial cobwebs and re-energise yourself for the rest of 2018 than by swearing off a vice like alcohol, sugar or even your daily dose of caffeine to give your body, and your savings account, a much needed boost?
Since 2007, thousands of Australians have taken part in febfast as a handy way to ditch a vice, save money, form healthier habits and most importantly, to raise money for a good cause.
According to figures from febfast, 86% of people who participated actually become more aware of the way their habits impact their health, 62% ended up losing weight and 81% saved money.
But what would happen if you continued those good habits you picked up in February for the rest of the year? Using the Mozo Vice Calculator, we crunched the numbers on four common vices to see just how much you could end up with in your wallet by the end of the year.*
It’s hardly a surprise that many Australians love to end the week with a beer or wine (or two). In fact, Mozo’s 2017 Cost of Lifestyle report found that we spend around $5.8 billion on drinks as a nation each year.
While giving up alcohol for a month may seem like a real challenge, research from the University College London suggests that it could pay off - a four week break could have a range of health benefits including lower blood pressure, improved sleep and even weight loss.
But what about your bank balance? Even just ditching the couple of beers you have down at the pub ($15), or the bottle of wine you go through each week at home ($20) could save you a heap. How much? Well...
- Savings over one month: Beer ($60) or wine ($80)
- Savings over the rest of 2018: Beer ($701) or wine ($934)
Let’s be honest, whether it’s a block of chocolate on a Sunday night or a mid-afternoon pick-me-up (aka, a cookie) at work, the vast majority of us sneak a sweet treat every now and then.
While there’s nothing wrong with indulging every once in a while, going overboard with sugar can really add up - both in consequences for your health and as a drain on your wallet.
Say you normally go through a block of chocolate ($4), half a packet of biscuits ($3) and a small bottle of soft drink ($2.50) each week, just how much could you save by giving that sugar up?
- Savings over one month: $38
- Savings over the rest of 2018: $444
If there’s one thing Australians can be proud of it’s that our baristas make a quality cup of coffee, so it makes sense that we indulge in our caffeine habit on a regular basis.
According to Mozo research, Aussies fork out a staggering $5.9 billion each year on buying coffee out at cafes, which works out at roughly $240 for every man, woman and child in the country.
But just how much could giving up your takeaway coffee habit ($4 each day for example) during febfast, or for the rest of 2018 for that matter, actually save you?
- Savings over one month: $112
- Savings over the rest of 2018: $1,308
Nothing beats finishing your working week (and all that healthy eating you’ve done throughout) by rewarding yourself with some delectable takeaway.
But as delicious as that pizza or burger may be, many of us could probably do with forgoing the occasional takeaway in favour of something healthier and cheaper. That also goes for buying your lunch out at work - particularly the more unhealthy options!
Sometimes keeping up motivation can be hard though, especially if you decide to give up your takeaway vice (say $15 each week) for longer than a month, so as an incentive, we’ve crunched the numbers to show you just how much you’d be able to save:
- Savings over one month: $60
- Savings over the rest of 2018: $701
Think you’re ready to commit to febfast or a year-long abstinence from your own vice? Make sure that the money you do stash away is earning the most interest possible by comparing a range of high interest savings accounts today before you start.
*Figures calculated based on the day of writing (February 7) to December 31, 2018.