How do Tobacco Products Affect the Finances of the Smoker? -
finances of the smoker

How do Tobacco Products Affect the Finances of the Smoker?

How do tobacco products affect the finances of the smoker?

Here’s something most smokers don’t know. Smoking doesn’t just affect your health, tobacco products affect your finances. How is that even possible?

Well, consider the amount of dollars you spend on a packet of cigarettes for example. Now, multiply that by the number of times you are likely to purchase a packet in a year. Do you see how much of your money goes up with the smoke from your beloved cigarettes?

In this post, we will show you how tobacco products affect the finances of the smoker. We will also show you a few tips to help you quit smoking. Let’s dive straight in.

How can Smoking Affect your Financial Status?

As a smoker, you must be aware of the negative impact that smoking has on your physical health. Every cigarette advert ends with this phrase, “smokers are liable to die young.”

Let’s not forget the white labels on the packets of tobacco products that carry the same warning. Some of the possible diseases that result from smoking include lung cancer and heart disease to mention a few.

Interestingly, the effects of smoking go beyond your physical body. Smoking also affects your wallet and bank account negatively.

While it seems quite harmless dropping a few quid for a pack of smokes, maintaining this habit takes a toll on your finances. We will discuss a few ways that smoking affects your finances in this section.

Also Read: How to combine finances after marriage

Cost of Cigarettes

Here’s one question that begs to be answered, “How much does the average smoker spend on cigarettes a month?” The average amount Americans spend on a pack of cigarettes is $6.65. Let’s do quick math here.

If you bought a pack per day for a month (very unlikely for chronic smokers), that will be:

$6.65 x 30 days = $199.5 per month.

If we take it further to get the amount of dollars you’d spend per year on cigarettes using the same amount.

$199.5 x 12 months = $2,394 per year

If you smoked the same amount of cigarettes in a decade (very unlikely), you’d be spending:

$2,394 x 10 years = $23,940 every 10 years

This is quite an outrageous amount to be spent on just cigarettes. Initially, it doesn’t seem so harmful to your finances but the long-term effect is alarming.

According to Shiffman, smokers who are trying to quit should put the money they save in a jar or piggy bank. This will be their reward for quitting. Check at the end of a year how much you would have saved.

Opportunity Costs

We only just considered the effect if you had saved the money used in purchasing tobacco products. Now, let’s consider how much you’d be losing if you had invested that amount instead of smoking it.

Imagine that you invested the $2,394 you spend on cigarettes every year from when you were 18 to when you turned 65.

If you invested in an IRA that gives you 11 percent every year, you should have an excess of $3 million. Do you now see that your decision at 18 years old to start smoking was burning up over $3 million?

Collateral Spending

By now, you should know that smoking doesn’t drain your finances alone. It also has ripple effects that end up affecting your finances indirectly. They are called collateral spending.

Here are a few examples. Insurance for smokers is much higher. You end up paying between 25 percent and 35 percent more on health and life insurance. We must not fail to consider the costs that are very difficult to measure.

A smoker will spend more than a non-smoker on dry cleaning, replacing clothes, changing furniture, and teeth cleaning.

You should also consider the fact that you’d get less on the sale of your old vehicle. This is because it will reek of cigarette smoke costing you several thousands of dollars.

According to the CDC, each pack of cigarettes comes with several hidden expenses of lost productivity and health care. This will amount to about an extra $8 on each pack.

Add this to the amount you spend on each pack for something that affects your health negatively. Is it still a wise decision?

What is the Best Method to Stop Smoking?

When you consider how much tobacco products cost you, directly and indirectly, you may want to stop. The challenge is that the cravings are very powerful. However, no matter how intense they are, they will pass in a maximum of 10 minutes whether you smoke or not.

So what is the best method to stop smoking? There is no best method because different methods work for different individuals. We have put together a few methods in this section.

Avoid triggers

You are more likely to get the urge to smoke when you are in a situation that you have smoked before. Examples of such situations include bars and parties or even stress.

Find out what your triggers are then draw up a plan to avoid them. Be intentional to avoid setting up yourself for a relapse.

Chew Something

One of the best ways to deal with the urge is to have something else in your mouth to chew on. You can get some hard candy, raw carrots, nuts, sunflower seeds, celery, or sugarless gum. Just make sure that you have something satisfying and crunchy in your mouth to help deal with the urge.

Delay

Once you notice that the craving is getting stronger, tell yourself that it will only last a few minutes. Do something to distract you during this period. Go to a smoke-free zone in a public place or find a task to distract you. As simple as this may seem, it can help derail that craving.

Remember the Benefits

As you plan to quit smoking, make sure that you write the benefits of quitting down. After doing this say them aloud to yourself several times every day. The more you say them, the more conscious of them you will become.

How do Tobacco Products Affect the Finances of the Smoker-Conclusion

How do tobacco products affect the finances of the smoker? We have shown you a few ways in this post. Also, we have provided some methods to help you quit this habit. Don’t forget that doing something to stop is better than staying aloof.

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