Kick the habit and watch the money pile up

Kick the habit and watch the money pile up

Week One – Plan to save

  • Open a new bank account to store the money that would have been spent on cigarettes – set up direct debit from your current account to pay this amount in each week
  • Alternatively, grab yourself an empty jar and put the cash you would have spent on cigarettes into it each day – you will soon see it add up
  • Put up a wall chart which you can use add up the amount saved each week
  • Place a sticker on the fridge with ideas of what you want to spend your newly found money on – this will keep you motivated to stop and save!

Week Two – Avoid unnecessary spending

  • When going to work, only take the money you would need for travel, lunch and any other essential expenses. This will make sure you don’t spend the money you will be saving from not smoking
  • By the end of this week you will have saved over £100 – treat the family to an evening out to celebrate your progress so far

Week Three – Discovering other ways to save

  • Consider the hidden costs of smoking. For example, smokers pay 50-55% more for life insurance for life assurance or critical illness cover and 25% more for income replacement cover. Over 20 years life assurance, which can be to cover a mortgage or a lump sum payout to family in the event of death, could cost an extra 25k
  • Remember to notify your providers when you quit and when your policy is due to end use a price comparison site with your new non-smoking status and see what you can save compared to the renewal quote
  •  Make the necessary adjustments and plans to invest your extra funds!

Week Four – Asses your savings

  • You have now stopped smoking for a month - congratulations! Now that you have proved you can save this much money, why stop now? Here are a few things that you could afford in the future:

3 months time (£630 saved): Season ticket for your favourite team and this season’s new kit; a Sky subscription with sports and movies all included or a Family holiday with all expenses paid

6 months time (£1,367 saved): A brand new state of the art television, complete with surround sound and hi-fi system; redecoration of your home or even money to help the kids through Uni.

These tips are based on somebody who smokes a packet of 20 cigarettes a day, with each pack costing £7.50.

Femalefirst Taryn Davies

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