The True Cost of Smoking on Your Health and Wealth

It has been known for some time that smoking has some serious health implications. Tobacco use alone accounts for 500,000 deaths in the United States each year. And, since 1964, smoking-related illnesses have claimed the lives of more than 20 million people. The cost of smoking doesn’t end there though.

How Much Does Smoking Cost?

Each year, Americans spend more than $300 billion on smoking. This includes a number of “unseen” costs, such as medical care and lost productivity. In addition to, direct costs, such as the cost of a pack of cigarettes.

An individual smoking a pack a day spends about $177 per week on cigarettes (more than $9,200 a year). These are out-of-pocket costs. In addition to that, it has been determined that individuals who smoke also lose a bit of opportunity when it comes to expanding their finances. (Determine your direct cost of smoking using this calculator.)

This financial opportunity cost has led to an overall reduction in net worth among smokers. Each year an adult smokes is associated with a loss in net worth of $410 or 4%. On average, heavy smokers are $8,300 poorer than non-smokers. Those who are considered light smokers had a reduction in net worth of $2,000 when compared to non-smokers.

Health Care Costs of Smoking

Non-smokers also have a leg up when it comes to overall healthcare cost. Smoking-related health issues are one of the largest financial drains caused by smoking. The habit leads to being sick more and can have more serious health implications – like developing lung cancer. Each year, the U.S. spends more than $170 billion on medical care to treat smoking-related illnesses.

If you get sick, you’ll also lose money because you won’t be able to work. The cost of lost productivity for smokers is hard to measure because there are so many illnesses associated with the habit. However, it is known to lead to missing days at work and lower productivity all around, costing you even more money in the long run.

There are a number of other small costs for smokers as well. For instance, smokers will have to pay more for health insurance and even home insurance than non-smokers.

The Cost of Smoking in Each State

When it comes to the cost of smoking, location determines a lot. WalletHub pulled together data outlining the lifetime cost of smoking in each of the 50 states and D.C.

To assess the overall impact of smoking on a person’s wallet, they looked at the potential monetary losses outlined above (out-of-pocket cost, opportunity loss, healthcare, income loss, etc.). The data below assumes the smokers in that state smoke a pack a day every day beginning at the age of 18 until the turn 69 (the average lifespan of a smoker).

Discover how much it costs to be a smoker in your state below.

State	Lifetime Cost	Direct Cost	Opportunity Loss	Health-Care Cost	Income Loss	Other Costs
Kentucky	$1,145,128	$88,794	$745,905	$118,056	$182,829	$9,544
Georgia	$1,156,444	$86,932	$730,268	$119,262	$208,231	$11,751
North Carolina	$1,162,243	$86,374	$725,577	$141,844	$196,884	$11,564
Mississippi	$1,184,526	$94,006	$789,690	$123,138	$165,354	$12,339
North Dakota	$1,191,219	$84,140	$706,812	$147,718	$241,185	$11,364
Tennessee	$1,197,782	$93,075	$781,871	$122,073	$190,022	$10,741
Alabama	$1,198,089	$94,006	$789,690	$119,748	$182,613	$12,033
South Carolina	$1,202,648	$92,517	$777,180	$129,717	$191,344	$11,891
Missouri	$1,208,621	$89,910	$755,288	$150,003	$202,339	$11,081
Idaho	$1,248,479	$94,564	$794,381	$148,382	$200,630	$10,522
Nebraska	$1,283,681	$93,633	$786,563	$168,711	$221,887	$12,887
West Virginia	$1,289,961	$102,755	$863,186	$141,375	$173,988	$8,658
Wyoming	$1,292,740	$94,006	$789,690	$156,734	$241,303	$11,006
Indiana	$1,302,032	$100,521	$844,421	$141,425	$205,767	$9,898
Arkansas	$1,311,314	$107,595	$903,843	$116,115	$172,731	$11,030
Virginia	$1,324,941	$93,820	$788,126	$161,010	$269,888	$12,098
Oklahoma	$1,326,589	$103,313	$867,877	$144,377	$195,995	$15,027
Colorado	$1,334,374	$97,356	$817,837	$150,303	$255,082	$13,796
Louisiana	$1,337,361	$108,153	$908,534	$119,834	$186,260	$14,580
Oregon	$1,389,232	$107,036	$899,152	$156,153	$217,342	$9,550
Montana	$1,394,551	$110,015	$924,172	$151,931	$197,390	$11,043
Kansas	$1,404,611	$108,339	$910,098	$153,640	$218,570	$13,964
Iowa	$1,409,936	$107,595	$903,843	$164,949	$222,646	$10,904
Ohio	$1,429,453	$113,924	$957,010	$143,062	$206,750	$8,707
Florida	$1,429,458	$109,829	$922,608	$179,236	$199,512	$18,273
Texas	$1,470,116	$113,738	$955,447	$159,324	$223,286	$18,321
New Mexico	$1,495,723	$120,625	$1,013,305	$164,019	$186,350	$11,423
South Dakota	$1,502,152	$118,578	$996,104	$163,848	$212,478	$11,144
Delaware	$1,508,054	$110,573	$928,863	$209,839	$248,949	$9,830
Nevada	$1,515,965	$120,811	$1,014,869	$153,512	$216,624	$10,149
Utah	$1,537,950	$118,391	$994,540	$153,734	$255,073	$16,211
Michigan	$1,573,730	$128,444	$1,078,982	$149,378	$207,276	$9,649
New Hampshire	$1,575,036	$115,971	$974,212	$194,762	$279,419	$10,672
Maine	$1,598,473	$126,210	$1,060,217	$195,151	$207,370	$9,524
Arizona	$1,621,614	$131,794	$1,107,130	$161,825	$209,467	$11,398
Wisconsin	$1,695,364	$136,634	$1,147,787	$178,346	$222,809	$9,788
Maryland	$1,704,023	$123,604	$1,038,325	$218,736	$310,353	$13,005
Pennsylvania	$1,745,665	$141,660	$1,190,008	$179,422	$223,972	$10,604
Illinois	$1,765,168	$141,660	$1,190,008	$179,902	$241,520	$12,078
New Jersey	$1,830,777	$138,496	$1,163,425	$214,489	$300,704	$13,663
Washington	$1,856,481	$148,920	$1,250,994	$188,668	$256,420	$11,479
California	$1,879,072	$148,362	$1,246,303	$208,805	$260,235	$15,368
Vermont	$1,902,453	$154,877	$1,301,034	$206,914	$228,904	$10,724
District of Columbia	$1,916,539	$144,266	$1,211,901	$249,214	$297,575	$13,583
Minnesota	$1,919,776	$153,760	$1,291,651	$202,743	$257,925	$13,696
Alaska	$2,059,662	$162,881	$1,368,275	$214,057	$303,732	$10,717
Hawaii	$2,067,655	$167,535	$1,407,368	$185,243	$293,666	$13,842
Rhode Island	$2,167,445	$174,981	$1,469,918	$269,173	$238,219	$15,154
Connecticut	$2,188,930	$170,513	$1,432,388	$277,760	$292,760	$15,508
Massachusetts	$2,209,285	$172,189	$1,446,462	$285,966	$289,492	$15,176
New York	$2,330,381	$194,341	$1,632,547	$241,200	$247,823	$14,469

Instead of Smoking…

There’s no doubt there is a boatload of savings to be had by kicking the bad habit of smoking. With the savings, you could do some amazing stuff. Here are just a few ideas.

• Take a vacation each year! More than $9,000 in savings should provide enough cash for a fantastic getaway.
• Pay off debt. Many smokers find themselves in a harder place financially because of their habit. Use the extra cash you have from quitting to pay off debt.
• Buy yourself a car. If you’ve been in need of a new car (or just want to treat yourself), the $9K+ you saved from quitting will help you buy it.
• Put a chunk of your savings toward your mortgage (or pay it off).
• Stash away some cash and open an IRA.
• Treat yourself to a nice meal out each week.

There’s no doubt that giving up smoking is extremely difficult for most people. However, the benefits of quitting (on your health and finances) heavily outweigh any benefits there may be in taking a drag.

Readers, do you smoke? What has the impact been on your wallet?

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