The true cost of smoking isn’t just the money you spend on cigarettes or vaping cartridges. Smoking also affects other expenses, your earnings, and even your employment outlook!
It’s safe to say that everyone knows that quitting smoking will help your physical health, but check out these ways that quitting can drastically help your financial health in ways you might not be thinking about.
Let’s get started on why it pays to quit smoking.
Skip the Packs, Pocket up to $4,000 a year
The most obvious cost is the cigarettes themselves. Our partner Pivot, says that pack-a-day smokers can save anywhere from $2,000 to $4,000 per year when they quit, depending on where they live. Pivot can help you quit, or reduce, your smoking to help you put this money in your savings or investment account instead of up in smoke.
Quitting smoking is a great financial decision because it pays you back every year that you’re quit. Over 5 years, you can save $10,000 to $20,000 by quitting smoking! Put those extra dollars in a savings or investment account, and you could be earning interest (money) to turn these savings into an even larger amount.
People Who Smoke Have Lower Salaries, and May not be Hired
Employers notice how much time their employees spend on smoke breaks, and have published data that shows employees who smoke are absent more often. Adding this lost productivity to the increased health care costs of people who smoke, it’s estimated that employees who smoke cost their employers $7,000 more to employ per year than an employee who doesn’t smoke.
This can show up in reduced pay for smokers: Studies show that the average smoker earns around $3,000 to $8,300 less per year than a non-smoker. Even worse, in 21 states, it is legal for employers to discriminate against smokers and not hire you just because you smoke.
Quit smoking, and you may add another $5,000 per year to your potential savings from quitting.
Smokers Spend Up to 50% More on Healthcare
Checking the “smoking box” on your health insurance forms can increase your costs by 15 – 50%. United States healthcare providers can charge a maximum of 50% more for health insurance for someone who smokes compared to a non-smoker. While indicating that you’re a smoker on your employer’s health insurance forms is based on the honor system, it’s hard to hide smoking at work, and can be the basis for firing if your employer finds out you smoke when you said you didn’t.
Add a few $1,000 per year to how much you can save on health insurance if you quit smoking.
Smokers Lose Time Spent With Family
Approximately 15% of Americans smoke, which leaves the other 85% of Americans (your non-smoking friends and family) to steer away from you while you are smoking. And think of the times you are stepping away during important family moments to feed your need to smoke. Quitting can help you get this time back, as well as your control over your life.
The Bottom Line
If you smoke, quitting is hands-down one of the best things that you can do for your financial health, not to mention the obvious benefits to your actual health. It’s your year to make more money and get healthier. What are you waiting for?
Get Help Quitting With Pivot, 30 days free
When it comes to quitting smoking, anything but perfection may feel like a failure, like it’s all or nothing. Pivot is different; it’s a program that changes your relationship to smoking by first changing your relationship to quitting, making quitting a process that you can practice and progress in.
Pivot can help you find your reasons for wanting to quit, and either help you quit quickly or gradually over time. It can also help you reduce your smoking, which is a step toward quitting. But don’t take our word for it, 81% of Pivot users say Pivot is the best quit smoking tool they’ve ever tried! Take advantage of MoneyLion’s special offer of 30 days free in Pivot.