Guilty pleasures - smoking

Everyone has guilty pleasures, often so named because of the disproportionate effect they can have on your finances. There's nothing wrong with any of these guilty pleasures in moderation, but with small changes to your habits you can make huge changes to your bank balance.

For today's guilty pleasure we'll be looking at smoking.


Up in Smoke
Regardless of whether you think it's a good thing or a bad thing, there's no denying that smoking is an expensive habit. Cigarettes are becoming increasingly costly, and this is in no small part due to the massive taxes levied on them by HMRC.

The most effective way of saving money would be to quit smoking entirely, but this is difficult and deeply personal. If you do wish to quit but are in need of help, you can find support and guidance at http://smokefree.nhs.uk/.

You don't have to quit smoking to save money: in fact, even the smallest change to your habit can have a massive impact on your long-term savings. The following example illustrates the effect that smoking just one fewer cigarette a day can have on your income.

• Example:
• 1 fewer cigarette per day = 365 fewer cigarettes a year. 
• 365 fewer cigarettes = 18 and 1/4 fewer packets (of 20).
• 18 and 1/4 fewer packets x cost of a packet (average £6.50) = big savings (average £118)!
  
  

For a more accurate estimate of how much you are spending on cigarettes and, more importantly, how much you could be saving by making small changes to your habit, check out the NHS' Cost Calculator. The calculator also offers suggestions as to what you could do with the money instead.

It's always worth keeping a diary of how many cigarettes you are smoking per day. Even if you don't wish to stop or cut down, it is still useful to have this awareness, and nobody has to see it.


Bargaining
You can still save money by seeing cigarettes a form of currency in negotiations with yourself.

• Example:
• "Instead of smoking this packet, I'll treat myself to a box of chocolates."; or
• "I'll smoke this packet instead of going to the cinema tomorrow."
  
  

By making yourself choose between two things you want, you are still going to save money in one way or another.

No matter what you're doing to cut your daily spend, bear in mind that every pound saved means £365 a year that you can keep as financial security or for treating yourself at the end of the year.

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N.B. If you're trying to quit or cut down, make sure you're doing so safely. Any reduction in the number of cigarettes you are smoking must be gradual, otherwise you could suffer severe side effects from withdrawal. To find out how to cut down safely, visit http://smokefree.nhs.uk/.