EATING OUT

Named by 15 consultants.

Splashing out on convenience food such as cafe lunches or treats drains money from a household budget in a series of small bites.

‘‘Food is the biggest expense that is not budgeted,’’ consultant Emma Johns says.

‘‘Mainly [this is] buying lunches and takeaways but also popping into the supermarket to get two things and leaving with 10.

‘‘[The] majority of clients’ eftpos spends are food or food related. It is also the most discretionary: Some four-person families can spend $200 per week [while] others say they can’t spend less than $400 per week.’’

TECH UPGRADES

Named by 12 consultants.

Having the latest mobile phone, sound system or car is a luxury many households can afford, but only if they are happy to pay their mortgage off over 30 years.

Like upgrading the car every three years, constantly replacing technology as soon as something better comes along can drain your bank account.

The problem isn’t just buying tech – it’s also financing it. Upgrades are best done when planned and saved for.

‘‘Delayed gratification – [meaning] save and then purchase with cash when funds are available – saves you thousands in interest costs and speeds up repayment of the mortgage,’’ consultant Roger Rao says.

PICK-ME-UPS

Named by six consultants.

Life’s tough, and buying stuff releases the same endorphins as

BAD, BAD HABITS

Named by 19 consultants.

Smoking and drinking are habits the Government taxes heavily, making them extremely expensive.

When a smoker walks through the doors of a mortgage-reduction consultant, they know that if their client can kick their addiction, there’s a big pool of money available to repay debt with.

Serial socialising can also result in blown budgets.

‘‘Drinking, smoking and entertainment are weekly expenses that, multiplied by 52 weeks per year, really impact people’s budgets,’’ consultant Brent Richards says.

‘‘There tends to be ‘creep’ where the spending worsens over time without it being immediately noticeable. Going out drinking, dining [and so on] can really impact spending.’’

OVER-GROOMING

Named by two consultants.

Excessive spending on fashion and grooming is a threat, and a major one in extreme cases, but the majority of consultants rated it as only a moderate threat to the household budget.

FUN, FUN, FUN

Named by four consultants.

Entertainment options have multiplied, and an increasing amount of paid-for content is available over the internet in addition to attending lovely stuff in person such as going to the theatre, and concerts.

Life has got to have some fun in it, but a balance between fun and debt repayment has to be struck.