Live Life Team
Smoking cigarettes or cigars is an expensive habit. As of January 2009, the average price for a mid-grade pack of cigarettes is between £4 and £5. For a person who smokes half a pack a day, quitting smoking translates to over £500 saved each year.
For most people, the cost of smoking is not easily noticed. Buying a pack of cigarettes is an expense that tends to fall through the cracks, much like a latte-a-day habit.
Many people are in debt. By stopping smoking, they can pull themselves out of the financial hole they are in by putting the money normally spent on cigarettes into paying the bills. This means that they will be debt-free sooner and pay less interest on their arrears.
People who are looking to save can also benefit greatly from quitting smoking. For example, an average 30-year old smoker who stops smoking and puts the money normally spent on cigarettes into a non-interest bearing account could save over £14,000 by the age of 65.
When the cost of transportation to purchase the cigarettes is factored in, the amount of money a person can save by quitting increases by around 40 percent.
Because smoking causes health problems, a person who quits will spend less money on medical care, which further increases the possible savings.
Many life insurance companies raise the rates for smokers. When a certain amount of time passes after they stop smoking, the company will usually reduce the rates the smoker was paying for the insurance. Once again, this difference in rates can be saved.
