How Much Money You Save By Quitting Smoking

Cigarette smoking refers to the habitual usage of tobacco consecutively, until it leads to addiction. In the USA, cigarette smoking is the leading causal factor of preventable deaths and diseases in the country. Out of 480,000 deaths occurring in a single year, one in every five is linked to the use of tobacco. Based on a survey conducted by CDC in 2015, about 15 people in a population of 100 adults above the age of 15 had smoked cigarettes. Cigarette smoking affects not only the health, but also the personal finances of smokers. This article aims to assess how much money you save by quitting smoking today.

If you are a smoker, you have an idea that smoking has far-reaching cost implications on your daily budget. In this calculation, we will use the price of cigarette pack for a smoker living in New York State. This is because every state has its own pricing when it comes to cost of one pack based on the set legislation that govern the habit of smoking. In New York, the cost of one pack is $13 as of September 2017. Assuming that you smoke one pack a day, in a week the cost of smoking will be $91. This means that if you quit smoking, you will save almost a hundred bucks in a week. This money is enough to pay for your transport for two days, or even manage to watch a movie at Imax.

In the state of New York as a person using one pack per day, you will spend $91 in a week. We can use this number to determine how much money you save by quitting smoking for a month. This easily translates to about $ 364 in one month. Considering this is in a period of thirty days, this is a lot that you will waste on smoking. This is important in determining how much money you save by quitting smoking on a monthly basis.

A number of investments and budgets are available that can be catered by the saved amount. First, that amount is enough to cater for electricity bill in month in a household where the smoker lives alone. The money is also enough to invest in snacks business like vending ice cream along the estate using a pulled cart. With regard to transport, the money is enough to cover your monthly expenses.

Savings per year

The cost of smoking in one month is about $364. We will use this figure to determine how much money you save by quitting smoking for a year. In a period of twelve months, the amount will rise to $4,368. This is huge amount and its equivalent to monthly salary paid to some of the junior employees.

The amount is enough for housing if we assume that you live in a rental house payable $360 in a month. With the amount saved, you could start a grocery shop that can fetch the owner good profits. The amount saved is also enough to pay school fees in a premier institution for two terms, thereby highlighting the high cost of smoking incurred by smokers.

In a single year, the amount you will have spent buying cigarettes will be $4,368. Using this figure, we can calculate how much money you save by quitting smoking for 5 years. The cost in five year will be about $ 21,840. Well, this a lot of money in five years, and with this amount you have massive investment options to think about.

The money that you save after quitting smoking is enough to start any business such as a boutique, liquor store, and many others. If you love automobile, you can buy a salon car for personal use or for business purposes. With respect to a business car, you can consider buying a truck for transporting goods at a fee. The money is also enough to pay the school for children in whole year in a private school.

If you decide to quit smoking today, you will have saved $ 21,840 in 5 years. If that is the amount saved in 5 years, how much money would you save if you quit smoking for 5 more? Here, the amount saved will be $43,680. That is a lot of money spent damaging your lungs. If you do not own a house, the amount is enough to buy a small condominium in the country.

The amount can be deposited in a fixed deposit account, and it earns interest monthly based on the rate offered. If you decide to take the second option, assuming you are offered a rate of 20 percent in a month, the money will earn you a cool $8,736. In terms of paying school fees, the amount can cater for the education of a child in a private school. This amount saved shows much how expensive smoking is and its effects on the disposable income available to you.

Besides the money spent by a smoker on cigarettes, a further sizable chunk of money is lost in treating the smoking-related diseases, where the medication requires drugs and equipping the various hospitals. Assuming that everyone in America decided to quit smoking, a lot of disposable income would be available for use in education, research and infrastructure. It would boost the economy, as the investors would have more confidence in the country’s ability to pay back the money injected in the projects. The punitive legislation would be done away with, and make the nation a better place to live and cherish.