Today is World No Tobacco Day! We all know smoking wreaks havoc on your health, but there is a hefty financial cost of tobacco use as well. If you haven’t thought about quitting, now is as good a time as ever. Your budget will thank you too! If you’re paying off debt, saving money is a great thing.
If you’re paying off debt, consider using your money for that goal instead of tobacco.
Cost of Tobacco Products
The cost of cigarettes varies from state to state. On average, a pack of cigarettes is $5.51, but in New York, you could be paying upwards of $13 a pack. Given the average price of a pack of cigarettes, if you smoke a pack a day, you’ll pay close to $2,000 a year for your smoking habit. Not everyone who uses tobacco smokes traditional cigarettes, and e-cigarettes have become increasingly popular in the last couple of years. E-cigarettes are around $15 for a pre-filled cartridge. Chewing tobacco averages around $2 a pouch, and while that may seem like a less expensive option for tobacco consumption, that could still cost you $700 a year. That money can go towards more important things, like debt management.
Insurance Premiums
If you’re a smoker, you’ve probably noticed that you pay higher premiums on your health and life insurance than your non-smoker friends and family. From the perspective of the insurance companies, this makes sense. Smokers are at a higher risk for heart disease, certain types of cancer, and emphysema. Life insurance premiums for smokers can be two to three times as expensive as those for non-smokers. Besides insurance premiums, the cost of treating those health problems can be very expensive.
The financial cost of tobacco use can reach tens of thousands of dollars over the course of a few decades. Just think about what you could use that money for if you quit smoking! If you struggle with debt management, the money you’re spending now on tobacco could be helping you achieve financial freedom and debt-free life.
If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.
