Stoptober 2014 is under way and smokers who take up the challenge to kick the habit will benefit from healthier bodies and bank balances.
Comparison site MoneySuperMarket.com says stubbing out cigarettes could significantly reduce the cost of life insurance. For example, a 50-year-old woman wanting £65,000 worth of cover over 15 years could save £2,493 with Legal & General over term - or £13.85 a month if she made the decision to go smoke free.
Plus, The British Heart Foundation estimates a smoker could save themselves a further £2,912 on the cost of cigarettes per year by ditching them for good.
Emma Walker at MoneySuperMarket said: "Smokers should use Stoptober as a kick start to a healthier lifestyle. Not only will kicking the habit result in a healthier body but not paying for cigarettes or smoking related paraphernalia will mean they’d be better off in the pocket too. With further savings to be made on the cost of life and critical illness cover by being a non-smoker it really does add up to stub it out."
However, it’s important to remember that insurers will insist smokers have kicked the habit for a full year in order to be classed as a ‘non-smoker’: "You have to be in it for the long haul to qualify for reduced life insurance rates," adds Emma.
Benefits of stopping smoking
- 1 day: you'll have enough to buy a few magazines
- 1 week: you could have enough for a new pair of shoes or facial
- 1 month: you could have enough for a shopping spree
- 3 months: you could afford two weeks in the sun
- 6 months: you could splash on on a top of the range bicycle
- 1 year: you'll be able to afford a new kitchen
If you're a smoker who wants to quit, join the Stoptober challenge here.
There's more money saving advice in every issue of Yours magazine, out every fortnight on a Tuesday.