Table of Contents
Last updated on August 14th, 2022 at 08:54 am
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How much money you save by quitting smoking
Savings per week
Savings per month
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.
Savings in five years
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.
Savings in ten years
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.
Are you a former smoker? How much money did you manage to save by quitting smoking? Leave a comment a below to share your experience!