Smoking can seriously damage your budget!

by StepChange Debt Charity on 22 March 2011  |  3 comments
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The price of cigarettes is set to rise. Here's how you could save by giving up your addiction...

Budget Day, this Wednesday, is looming and once again, smokers are set to be targeted with yet another rise in the price of a packet of cigarettes. For people who are struggling to quit, it’s yet another hit on their finances.

The No Smoking Day campaign, the UK's leading health campaign, was a couple of weeks ago and for many ex-smokers it’s been a lifesaver. It creates a supportive environment for smokers and highlights the local sources of help and advice available to help quit.

But stopping smoking has to be a personal decision, without any hassle from others. Not everyone is ready to take the plunge or even wants to stop, regardless of the disadvantages and health risks. Smoking is addictive, which means most regular puffers are not going to be put off by cost or health issues.

Excuses, excuses

An aunt, for example, who has been a smoker all her life and has just celebrated her 84th birthday, becomes extremely defensive if someone raises the subject of stopping smoking. The excuses why she shouldn’t stop fly out like bullets from a machine gun!

Her favourite excuses are, “But it’s the only bit of pleasure I have left” or “It’s too late for me now, the damage is done”.

And I’m sure she’s not alone. Some smokers are just not going to give it up, no matter what!

Lighting up a cigarette is like setting light to thousands of pounds of your cash each year. If you could manage to stop smoking, not only would your health improve, it could also boost your bank balance as well.

With cigarettes now costing around £6 for a packet of 20, smoking a packet a day would cost £42 week. Calculated over the year, this works out at a staggering £2,190! What’s the excuse for throwing that kind of money away?

And don’t forget that this is before the now-annual Budget Day increase in the price of around 15p a packet, or an extra £55 a year.

Reasons to kick the habit in the butt

If you are one of the many smokers who are still wavering about whether to stop or not here are six more good money-saving reasons why you could consider kicking the habit in the butt!

1. You’re struggling to make ends meet and living constantly in your overdraft

If the cost of smoking is leaving you short to pay essential living costs, it may be time to take a good look at your finances. If you have arrears on priorities such as rent/mortgage/council tax payments, or you’re continually living off credit, by stopping smoking or even cutting back you could help yourself to get back in control of your finances.

2. You could use the money you save to pay off credit cards

Once you have cleared any priority arrears, you could use this money to pay off any outstanding debts you have. Just imagine being debt free at last!

3. Boost your savings

How good would it be to have a spare amount of cash in the bank? Once any debts are paid you can look forward to saving any spare money for that special holiday or something you have been wanting but were unable to afford.

4. Cut your insurance bill

You save money in other ways by kicking the habit. Premiums for insurances such as term assurance, critical Illness, private medical and mortgage endowments are much cheaper for non-smokers than for smokers. In some cases, up to 50%!

5. Could smoking be devaluing your house or car?

Many smokers feel free and comfortable to light up in their own home or car. However, without regular thorough cleanings, a car or house that is often smoked in could soon start to smell like an ashtray. Redecorating and cleaning costs can soon add up and if this isn’t kept up, it could devalue the sale price of your house or car.

6. And there are the health advantages as well…

And finally, the health benefits from kicking the habit include:

• your skin could look younger
• your breathing would improve
• your teeth would be whiter
• you would have more energy.

Find out more about the savings you could make in Quit smoking and save £156,196.

If have decided that the next cigarette will be your last, and would like more information on stopping smoking, you can contact the  NHS No Smoking helpline.

If you are struggling with debts because a large amount of your income is spent on buying cigarettes, you can use our online debt counselling service for further help and advice.

Have you been successful in kicking the habit? Are you better off?

Has smoking made a big hole in your budget? We would love to hear your stories.