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How Much Money Can You Save By Quitting Smoking?

January 3rd, 2013 Personal Finance

There are plenty of reasons to quit smoking - your clothes will no longer smell, your taste buds can become more sensitive and you won't have to stand around in the freezing cold whenever a craving hits. But there's also a pretty big financial incentive to do so! If your budget is tight, you may be surprised just how much money you're sinking into the habit. In fact, according to the Guardian, the average pack-a-day smoker drops about $3,300 a year on cigarettes!

Did you know that you're also devaluing your home when you smoke inside it? The source reports that a home's value can go down by as much as $4,700 because the whole place may need redecoration and new carpeting. You may not smell the cigarettes after all these years, but you can bet new tenants will, especially if they're non-smokers. Not to mention the fact that your insurance costs will increase if you're a smoker.

If you'd like a more personalized estimate, SmokeFree.gov has a handy calculator that can help determine how much money you'll save years after quitting. After 10 years, you may have saved enough money to put a down payment on a decent house! So if your health isn't enough incentive for you to think about quitting, consider the financial implications of your habit. It may seem easy to drop six dollars on a pack here and there, but those numbers start to add up. Try putting the money you would usually use to buy a pack of smokes into a savings account and start working toward a vacation. Sometimes a little motivation is all you need to get started.