Americans spend over $1,000 a year on lotto tickets. (via CNBCMakeIt)
There are psychological reasons why Americans continue to play the lottery even though they know the odds,. Humans are wired to have unrealistic optimism when it comes to the probability of something happening, for one.
It's also a habit that's easy to rationalize, since a chance to play typically only sets you back a buck or two. "Similar to smoking, the lottery is easier to justify when you only buy one pack at a time or one ticket every day,""It looks a lot less tempting, though, when you consider the total sum of money spent."
If you are looking to curb your spending on guilty pleasures like lottery tickets, Clarke recommends creating a long-term financial plan that can then be broken down into a monthly budget. "If someone would like to accomplish other things like college savings, retirement savings or paying off debt, then having the plan to refer to helps remind you that they have a higher priority than this spending," Clarke says.
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