Ditch the cigarettes and gain pounds in the bank

As England celebrates the one-year anniversary of the Smoking Ban (1st July), those who have stubbed out their cigarettes for good could be seeing the rewards, not only for their health but also their bank balances, according to Alliance & Leicester Savings.

In England, more than one in five (22%) of all adults still smokes. A 20-a-day smoker spends over £2,000 a year (£2,065) on cigarettes. By giving up and putting the money into a high interest savings account instead, they could have saved up to £2,198 (including interest) since the Smoking Ban. Even a social smoker, getting through 20 cigarettes per week, could have saved around £320 (including interest).

Hetal Parmar, Manager for Savings at Alliance & Leicester, said: "A year on from the Smoking Ban and those steel-willed enough among us to have kicked the smoking habit will be feeling the benefit in their health and wallets. We are all feeling the pinch on our purse-strings at the moment yet, as a nation, we still spend billions of pounds on cigarettes each year - money which could help us cover the rising cost of living or could be set aside to build up a nest-egg."

According to the latest Government figures smoking rates amongst Brits is declining, but the number of cigarettes smoked by each person has not changed significantly. Male smokers spend over £200 a year more than women on cigarettes.

Hetal Parmar continues: "Instead of letting hard-earned cash go up in smoke, the average smoker could be putting cash aside each month in a high interest account and working towards a long term goal. Smokers will hopefully find the will power to kick the habit, and let their savings benefit into the bargain."