For a lot of smokers, money is a huge motivator for giving up, and with good reason. The financial benefits that come with quitting smoking can be surprisingly substantial. Just think about how much you spend every day, every week, or even every year on your habit. If you spend $18 on each pack of 20 cigarettes, for example, and you're a 20 a day smoker, you could be splashing out over $540 a month. That's around $6,570 every year!
With government plans to increase the tax on cigarettes in the coming years,1 there's now even more financial incentive to quit. It's up to you how you manage your savings – you might want to enjoy your extra funds in the short term. Alternatively, you might be a little more careful and save most of it for a rainy day. However you decide to enjoy it, the first task is to turn the theory into a reality and start saving! Here are a few ways you could do it.
You're going to be amazed at what you can throw your extra cash at when you're no longer buying cigarettes.
As a non-smoker, you'll be saving serious money by not smoking anymore. There will be all kinds of financial possibilities at your fingertips in place of that cigarette that used to be there.
Think about all the cash you've been spending on cigarettes every day. Over a week, or a year, all that cash will really pile up. Over your lifetime, you could be looking at tens of thousands of dollars, and now you're free to use it for something far more interesting and exhilarating. So if you've just quit or are about to, start feeling excited about what you're going to do with all your extra spending money!
Quitting smoking can save you a surprising amount of money, so let your imagination run wild.