The High Cost of Smoking

If you are a regular reader here, then you know I'm currently losing the battle of trying to quit smoking (1, 2, 3). This is one of the hardest things I've ever tried to do. I am getting on the healthy bandwagon by going on a diet and joining a gym, however I really need to quit smoking!! Previously, I've talked about waiting till a group of weddings and the holidays are over to quit. It's advice I received from some who had quit smoking. However, I am now asking myself, "Why am I putting it off?"

Well, I found a great article over at MSN's Moneycentral titled The high cost of smoking. More fuel to the quitting fire!!

I've already figured out that the future value (FV) of my smoking habit if put away for 30 years at 8% a year is $194,393.99! However, according the article rather than an average of $5 a pack, "researchers at Duke University found that the total cost of smoking -- the cigarettes, lost earnings, impact on insurance mortality, even the impact of secondhand smoke -- runs about $40 per pack for the average 24-year-old." Dare I calculate that FV!! Other financial snippets highlighted in the article:

1) Decreased resale value of your vehicle due to smoke smell, ashes all over, and burn marks in the fabric.
2) Increase cost to get your house "saleable", citing that most houses with smokers need to at least be re-painted if not new carpet installed.
3) Higher cost of life insurance and homeowner's insurance compared to non-smoker.
4) Higher dry cleaning bills because clothes stink.
5) "Smokers due to higher mortality rates, obtained lower lifetime benefits compared to never smokers, even after accounting for their smoking-related lower lifetime contributions."
6) Mints for bad breat and teeth whitening for yellow teeth add up as well.

Where to go from here? I wish smoking was as easy to quit as it is to pick out a shirt in the morning for work! I will win! I will keep you abreast of my continual struggle!!


Post a Comment

<< Home