Quit Smoking - How Much Can I Save?

[jeffrey]

While the financial aspects of smoking shouldn't be the only reason that you should consider quiting, you probably aren't aware how much this habit is actually costing you. That's because when people talk about the cost of smoking, rarely do they go beyond the price of the cigarettes. A pack a day at a cost of $4.00 comes to just under $1,500 a year and it's left at that. While this is a large number that should get your attention, in reality it's just the tip of the iceberg.

There are a large number of hidden costs associated with smoking. These are costs that are rarely examined when people talk about how much their smoking habit costs. Some come in the form of higher payments due to the risks associated with smoking while others come from a decrease in an assets worth due to smoking.

The following are some of the additional costs associated with smoking beyond that packs you purchase to show how much you really can save if you kick the habit:




Life Insurance: Since statistics show that smokers die at a younger age than non smokers, the cost for life insurance is much more than for those who don't smoke - sometime more than double the premium. This can mean thousands of dollars a year more in life insurance premium payments.

Health Insurance: Just as with life insurance, statistics show that smokers have more medical problems than non smokers and therefore pay a lot more for their medical insurance than nonsmokers - again, sometimes thousands of dollars more a year in premiums.

Health Care: While smokers pay more for their health insurance, they don't get any extra benefit over non smokers for doing so. Since smokers usually have more medical problems and more frequent visits to the doctor, they pay more each year for health care than non smokers.

Medications: An increase in medical problems usually results in smokers having to take more prescription medicine than non smokers. These extra medications mean a smoker is out more money than a non smoker.

Home Owner's Insurance: While smoking and owning a home may not seem to be related at first, statistics show that people who smoke have fires in their houses more often than people that don't smoke. This means smokers must pay higher home owner's insurance premiums than non smokers.

Value of the House: Smoking in a house will decrease it's value, sometimes by tens of thousands of dollars. Smoking leaves a stench in the carpets and walls that most people purchasing a house don't want. Since the house isn't as attractive to buyers, they are willing to pay less than they would for a house where there isn't smoke damage. In addition, smoke can yellow and dim the walls making the house display much less attractively than if nobody had been smoking.

Value of Possessions: When you calculate your net worth, part of the calculation is the value of all the things you own. Smoking reduces the resale value of items which in turn reduces your net worth in this area compared to a non smoker.

Car Insurance: Statistic show that smokers get into more car accidents than non smokers. The result is that they pay auto insurance rates that are often hundreds of dollars a year higher than non smokers.

Car Resale Value: Just like a house loses value when a smoker lives in it, smoking in your car will greatly reduce its resale value. The result is that you will receive hundreds, if not thousands, of dollars less for it when it's time to sell or trade-in.

Earn Less Money: There have been a number of studies which have found that smokers earn between 4% to 11% less money than their non smoking counterparts. In fact, you may be denied employment because you smoke. The American Civil Liberties Union (ACLU) National Workrights Institute estimates that there are more than 6,000 companies in the US that refuse to hire smokers.

Less Social Security / Pension Benefits: Because smokers earn less than non smokers, they pay less into social security and their pensions. The result is that when they retire, they receive less in social security and pension benefits than their non smoking counterparts.

Cost of Cleaning: Smokers usually need to pay more money keeping their clothes, houses and cars clean than non smokers. Smoking also wears out items faster meaning that smokers must purchase these items more often than non smokers.

Dental Care: Smokers have more dental problems than non smokers. More trips to the dentist results in more money spend than non smokers. In addition, smokers often have to pay more for special toothpastes to keep teeth from yellowing and breath fresheners to hide the smell of the cigarettes.

Lost Interest: Not only do smokers lose the money in the above mentioned areas, they also lose out on all the interest they could have earned if the money went into their bank account instead of toward their smoking habit. The lost interest can add up to thousands of dollars lost over the years.

When you look beyond the cost of the pack of cigarettes, you begin to see the real monetary cost of smoking. Added together, smoking cigarettes results in the loss of thousands of dollars a year at a minimum, and often much more.

[flash]

Jeffrey, an excellent summary and reminder of the REAL cost of smoking.

[Devoncroix]

My husband and I quit smoking 21 months ago... according to a program I have which keeps track of such things we have already saved over $4,000 on just the cost of cigs alone. Great motivation to never be tempted to start again don't you think?

[Ima saver]

I hope you are saving what you use to spend on cigarettes. That is what I did when we quit over 15 years ago.

[Devoncroix]

We bought a new van and we are finally starting to look into purchasing our first house =) It is amazing how we never realized how much of our income was being sent up in a puff of smoke.

[flash]

Congratulations! Both for quitting, and for the savings. I'll bet you are saving in quite a few other ways, too. I know I went through loads of fleece gloves -- kept melting them during the winter. And the cost to get the smell out in the laundry...

[colleenyareli]

What are the health benefits that you receive when stop smoking?

[2jessica]

Originally Posted by colleenyareli

What are the health benefits that you receive when stop smoking?

If you quit smoking right now, that is your heart rate drops in 20 minutes, the toxic gases in your blood will drop to normal and within two to three weeks’ time your lung function will increase. Then in 1-9 months coughing and shortness of breath decreases and after many years, major health issues like lung cancer, heart disease and strokes can be avoided. So think twice before lighting up a cigarette.

[JavaFalcon]

So true. They have a program on the iPhone that gives statistics for smoking. How many cars you could have bought haha 0.0023 of a car.

[Terrence]

Hi

I feel a good thing you could do to motivate yourself is to count the money you’ll save by not buying cigarettes. Estimate the money you could save up. Try to hang around with non-smokers, not only will they give you moral support and help you quit smoking and save money.

[GrimJack]

When I quit smoking, I started a coffee-can bank and put $1.00 in it (cigs cost $.50 a pack back then) and deposited it in a bank monthly - got old after a year. Later, I used the same trick to stop buying lottery tickets. Twice a week I would put $2.00 a week into the can - the only time I ever won 'playing the Lotto', so to speak.

[Aleta]

When I stopped smoking I was paying $2.00 for one pack. I have since that time put $2. away every day and it has its own account. It has helped me to add money for a lifelong trip. I have bought items that I wanted and it can become a source for any goal that you want to achieve.

[bshirley]

Its a wise advice quit smoking will not only build your health but also add wealth through some of the saving.

[gk advocate]

It's like you have saved yourself on losing every minutes of your life for good..

Originally Posted by colleenyareli

What are the health benefits that you receive when stop smoking?

[Aleta]

RedThunderBird: So are we now saying a carton is now $60...? That is horrible.

[mtsen]

not as horrible as health deterioration ...

[GrimJack]

Originally Posted by VanGuard

I heard somewhere that one cigarette takes like a minute or something like that off of your life. I'm not sure if that's true or the right stat, but it was something like that.

But there is no guarantee that it will take that minute off the end of your life - what if it takes it in the middle?

[derek777]

Each day I smoke 2 packs of Marlboro at $4 per packet.

Each week I smoke 280 cigarettes which costs 56 American Dollars

I spend 224 American Dollars on smoking every 4 weeks.

In one year I smoke 14,600 cigarettes which costs 2,920 American Dollars

Today is 19th Fen 2010

If I gave up smoking today I would have 1,000 American Dollars to spend on Thursday 24th of June 2010

If 1 gave up smoking today I would have 10,000 American Dollars to spend on Tuesday 23rd of July 2013

[RAYT721]

Timely information. I just got approved for Chantix by my doctor last week and will begin on the medication tomorrow a.m. I'd like to know if anyone has used the medication and any success stories (or horror stories) from it. Thanks for the post and for the replies.