Boost your wealth as well as your health by quitting smoking

From 1 July 2007, nearly all enclosed public places and workplaces in England will become smoke free as new laws are introduced to protect employees and the public from the effects of second-hand smoke. Therefore, smokers should find no better time to kick the habit and start a new, healthier lifestyle without cigarettes. Nationwide Building Society estimates that by doing so 12.6 million smokers in England could save almost £4 billion a year.

Taking the average cost of a packet of twenty cigarettes as being £5.23, a smoker who smokes five packs a week will spend over £100 a month on cigarettes – a total of £1,359.80 over the course of a year. If this money were to be invested in Nationwide’s Regular Savings account, an ex-smoker could earn over £35 in interest, making a total saving of almost £1,400 a year after tax.

In addition to the large savings which could be made by quitting smoking, people who give up could also save money when it comes to taking out a new life insurance plan. For example, a non-smoking man aged 35 taking £100,000 worth of level life cover for 25 years with Nationwide would pay £10.90 per month, whereas a smoker would pay £23.30 – an extra £148.80 per year or £3,720 over the lifetime of the policy.

Robin Bailey, Nationwide divisional director, said: “There has never been a better time to give up smoking. A smoke free England will help ensure a healthier environment for everyone and those who quit will not only notice the effects on their health but on their finances too. The prospect of cheaper life insurance and saving money should act as a great incentive for people to kick the habit and help boost their wealth as well as their health from 1 July.”

If any extra incentive is needed, below are five examples of what the money saved when giving up could be spent on:

Gym membership to help relax and de-stress the body as well as get fit

Redecorate the home to get rid of smoke-stained ceilings and furnishings

Weekly trips to the cinema for yourself and a friend – a nice treat to help you relax and provide a new routine

A (family) holiday allowing you to relax and unwind in the sunshine

A meal for two each month – an enjoyable way to spend time with friends or a partner.

For anyone finding it hard to quit smoking, below are five top tips to help:

Set a date to quit and plan for challenges you’ll face while quitting

Remove cigarettes/tobacco from your home, car and workplace

Tell family, friends and co-workers that you plan to quit and ask them to encourage you

Take more exercise – regular exercise can help reduce stress and provide a new routine

Change habits – try to think of something to do instead of smoking – e.g. chew gum or drink a glass of water.