The Financial Benefits of Quitting Smoking
While it’s always been expensive, over the past ten years or so, smoking has become increasingly costly. As a result, quitting smoking not only benefits your health, but also has a significant positive impact when it comes to your finances. If you’re looking for more reasons to give up the habit or even switch to disposable vapes, here are some financial benefits of quitting smoking:
Save money on cigarettes
The most obvious financial benefit of quitting smoking is that you’ll be able to save money you would have otherwise spent on cigarettes. The cost of a pack of cigarettes varies a little, but on average, a pack of Marlboro Reds costs around £13. If you’re a smoker who gets through a pack a day, that quickly adds up to over £4745 per year – a massive sum.
Lower healthcare costs
Smoking increases your risk of developing a variety of health problems, such as heart disease, lung cancer, and respiratory infections. If you choose to seek medical attention outside of the NHS, these health problems can be very expensive to treat.
By quitting smoking, you can reduce your risk of developing these health problems and save money on any healthcare-related costs that would likely have popped up.
Lower insurance premiums
Smoking is considered to be a significant risk factor by most insurance companies, and smokers typically pay higher premiums, especially for health and life insurance. When you quit smoking, you’ll likely experience a reduction in insurance premiums, in addition to the number of health benefits.
Reduced cleaning costs
Over time, smoking can cause damage to your clothing, car, and home, and the costs of cleaning this can add up significantly over time. Quitting smoking can result in a reduction in the amount of damage done to your possessions, saving you money on cleaning and repair costs.
Reduced risk of house fires
It may come as a surprise to some that smoking is a leading factor in house fires, which in some cases can result in the total or partial loss of your home and everything inside it, or even in death. By quitting smoking, you instantly reduce the risk of a house fire, and the numerous costs associated with dealing with the aftermath of such an event.
Improved performance at work
Smoking can have a negative impact on your work performance; it can cause fatigue, decreased focus, and increased absenteeism due to an increased probability of falling ill. By quitting smoking, you can improve your work performance, which has the potential to increase your earnings over time.
Increased investment opportunities
One great way of motivating yourself to quit smoking is by making a resolution to save the money you would have spent on cigarettes and invest it in other areas, such as a retirement fund. Over time, this can add up to a significant amount of money that can be used to achieve your life goals.
It’s pretty obvious that quitting smoking has a range of financial benefits. Quitting smoking is notoriously difficult, but the rewards are worth it ten times over. Not only will you significantly improve your health, but you’ll also improve your financial standing.
