It seems that everyone these days is looking to save as much money as possible. But coming up with alternative ways to save is getting more and more difficult. Changes in behavior are always a good place start. For example, do you smoke cigarettes? Ever thought about quitting for your health? How about for your bank account? The cost of smoking increases every year. In 2007, the average price for a pack of cigarettes was $4.63. According to a survey by Orzechowski and Walker, an Arlington, Va., consulting firm, the average pack of cigarettes now costs $5.95. And it is looking like the rising prices are not going to be slowing down any time soon.
How much money can you save? If you were to quit today, your savings on a pack-a-day habit amount to about $180 each month or more than $2,100 annually. That’s a significant monthly savings! If you smoke one pack of cigarettes per day and stop, and you invest the money, you can save enough money to get a newborn child through college. Here is the simple math:
- You stop smoking today and after one month you have an extra $180 that you didn’t have at the end of last month
- You continue to not smoke and invest that $180 every month into an account with an interest rate of 2.00% compounded annually
- You continue to not smoke for 18 years while also continuing to invest $180 a month
- Final Savings: $47,011.12
By quitting smoking you will also eliminate increased life and property insurance rates, increased medical care costs, increased medical care costs for your family and lost earnings due to potential disability. These are all expenses that cost you money annually that could be used for other things that can better your quality of life.
Quitting smoking makes strong financial sense. But lets not also forget the health benefits:
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