Tuesday, February 21, 2012

My PSA on smoking

I woke up the other morning worrying about my kids- nothing new- but this time I was worrying they would start smoking. I grew up around smokers as just part of life and now many have health problems because of inhaling a burning tarred product over and over into their lungs.

My father quit in his forties when I was in high school which cleared the air for me and made me appreciate fresh air. I believe it is the reason his health is strong in his seventies.

I received an email* in my spam and the costs of smoking caught my eye. I am an accountant.

So maybe it doesn't go on a blog, but I'm putting it here because I'd be very thankful to help one person quit or avoid this highly addictive habit. Sometimes we have to appeal to younger people on a different issue than health since they cant imagine themselves old. So, here's the financial considerations:

HOW MUCH DOES IT REALLY COST TO SMOKE?
The Cost Of Smoking at $8.00 per pack:

1 pack a day= $56.00 per week / $224.00 per month / $2688.00 per year / $13,400 in 5 years / $26,800 in 10 years

2 packs a day = $112 per week / $448 per month $5376 per year / $26,880 in 5 years & $53,750 in 10 years

3 packs a day = $168 per week / $672 per month $8064 per year / $40,320 in 5 years & $80,690 in 10 years.

Smoking is expensive, but when people consider the cost of smoking, they usually limit their focus to the cost of the cigarettes they smoke. While the cost of cigarettes by itself can add up to close to $3000 a year, the reality is that the cost of the cigarettes is only a small portion of the overall monetary cost of smoking.

There are numerous hidden costs associated with smoking that most people fail to consider. These costs are rarely examined when people talk about how much their smoking habit costs. Some of these costs arise due to higher payments associated with the risks of smoking while others result from a decrease in asset value due to smoking. All told, these hidden costs of smoking can increase the actual amount a smoker pays each year several times the cost of the cigarettes alone.

This newsletter examines some of the costs of smoking that you may not have considered before. While your health should be the main reason to quit smoking, when you come to realize that you may be spending close to $10,000 a year because of your smoking habit, this may be one more motivating force to kick the habit:

Life Insurance: Smokers have a greater risk of dieing at a younger age than non smokers and this risk is reflected in higher life insurance premium payments.

Health Insurance: Smokers have a greater risk of medical problems than non smokers and this risk is reflected in their medical insurance premium payments.

Health Care: Since smokers frequently have more medical problems than non smokers, they must pay more to take care of these problems.

Medications: More medical problems for smokers usually results more prescription medicine taken by smokers than non smokers.

Home Owner's Insurance: Smokers have a greater risk of burning down their house than non smokers and this risk is reflected in higher home owner's insurance premium payments.

Value of the House: Smoking leaves a bad smell in a house thus decreasing the value to potential buyers.

Value of Your Possessions: Just as with the house, smoking leaves a bad smell to many of the items in your house thus decreasing their value.

Car Insurance: Smokers have a greater risk of getting into a car accident than non smokers and this risk is reflected in their car insurance premium payments.

Car Resale Value: Smoking leaves a bad smell in a car thus decreasing the value to potential buyers or when traded-in for another car.

Earn Less Money: Studies have found that smokers earn between 4% to 11% less money than their non smoking counterparts.

Less Social Security / Pension Benefits: Since smokers earn less than non smokers, they receive less overall social security and pensions benefits than non smokers.

Cost of Cleaning: Whether its the inside of their home, the inside of their car or their clothes, smokers have to spend more to keep things clean.

Dental Care: Smokers spend more on dental care and special dental products than non smokers.

Lost Interest: All the extra money that smokers must spend means that money can't be saved resulting in lost interest.

When you look beyond the cost of the pack of cigarettes and incorporate all the other monetary costs associated with smoking, you begin to see smoking is a huge drain on ones personal finances.

*from House of Nubian email promoting their stop smoking chewing sticks product.

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