07 December 2005

Cost of Smoking Cigarettes

Just how much is this habit costing you in hard dollars?

Is quitting just too hard and you haven’t found the right incentive or reason? A good incentive - in terms of cold, hard cash is here. How much money you can save by not having to buy any more cigarettes – money that you could use for better things you and your family need or want.

Smoking is expensive, but when people consider the cost of smoking, they usually limit their focus to the cost of the cigarettes they smoke. While the cost of cigarettes by itself can add up to close to $1500 a year, the reality is that the cost of the cigarettes is only a small part of the overall monetary cost of smoking.

There are several hidden costs associated with smoking that most people fail to consider. These costs are hardly ever examined when people talk about how much their smoking habit costs. Some of these costs arise due to higher payments associated with the risks of smoking while others result from a decrease in asset value due to smoking. These hidden costs of smoking can increase the actual amount a smoker pays each year several times the cost of the cigarettes alone.

While your health should be the main reason to quit smoking, when you come to realize that you may be spending close to $10,000 a year because of your smoking habit, this may be one more motivating force to kick the habit. Some of the costs of smoking that you may not have considered before:

Life Insurance: Smokers have a greater risk of dieing at a younger age than non-smokers and this risk is reflected in higher life insurance premium payments.

Health Insurance: Smokers have a greater risk of medical problems than non-smokers do and this risk is reflected in their medical insurance premium payments.

Health Care: Since smokers frequently have more medical problems than non-smokers do, they must pay more to take care of these problems.

Medications: More medical problems for smokers usually results more prescription medicine taken by smokers than non-smokers.

Home Owner's Insurance: Smokers have a greater risk of burning down their house than non-smokers and this risk is reflected in higher home owner's insurance premium payments.

Value of the House: Smoking leaves a bad smell in a house thus decreasing the value to potential buyers.

Value of Your Possessions: Just as with the house, smoking leaves a bad smell to many of the items in your house thus decreasing their value.

Car Insurance: Smokers have a greater risk of getting into a car accident than non-smokers get and this risk is reflected in their car insurance premium payments.

Car Resale Value: Smoking leaves a bad smell in a car thus decreasing the value to potential buyers or when traded-in for another car.

Earn Less Money: Studies have found that smokers earn between 4% to 11% less money than their non-smoking counterparts.

Less Social Security / Pension Benefits: Since smokers earn less than non-smokers do, they receive less overall social security and pension benefits than non-smokers do.

Cost of Cleaning: Whether it is the inside of their home, the inside of their car or their clothes, smokers have to spend more to keep things clean.

Dental Care: Smokers spend more on dental care and special dental products than non-smokers do.

Lost Interest
: All the extra money that smokers must spend means that money cannot be saved resulting in lost interest.

When you look beyond the cost of the pack of cigarettes and incorporate all the other monetary costs associated with smoking, you begin to see smoking is a huge drain on ones personal finances.

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