Smoke just 10 cigarettes a day? You're spending more than €1900 a year

Consumer advice with Gráinne McGuinness

If you smoke you already know the many reasons why you should give them up for the sake of your health. But many smokers deliberately shy away from looking clearly at the financial cost of the habit, not wanting to admit how much income they devote to something that only does them harm.

With Lent and springtime popular times for people to try kicking this particular habit, take a good look at the true cost of cigarettes.

At €10.50 for a box of 20, even a relatively low habit of 10 a day will set you back more than €1900 a year, just under €160 per month. When given the annual figures many smokers tend to roll their eyes and ignore them, suggesting we could tot up the same figures based on shop-bought lunches or takeaway coffees. But €160 sounds like a decent extra amount to have in your account at the end of the month, to spend on a treat for you and/or your family or save towards something more substantial.

And if you smoke more, 20-a-day or more? Well, you do the maths.

The financial cost doesn’t end once you have bought your cigarettes. Royal London recently released figures showing that smokers can expect to pay up to double what non-smokers do for life cover. Banks normally make mortgage protection life cover a condition of a loan drawdown.

Based on a property cost of €300,000, Royal London figures show a 35-year-old non-smoker will pay €17.93 per month for cover, while a smoker the same age will pay €31.61.

The imbalance increases as you get older, a 45-year-old smoker will pay a monthly premium of €81.15, rather than €40.30.

Joe Charles, protection expert with Royal London, explained that smokers who quit can reap the financial rewards.

“Those who have been off cigarettes for a full year are now in line to classify themselves as non-smokers for life cover purposes — which could mean, all things being equal, the potential for saving money,” he said.

“Many people are simply not aware that if you gave up smoking over 12 months ago or more and are now considering putting life cover in place, that non-smokers pay a lot less than smokers for life cover.

“Our cost analysis reveals that over the duration of the policy, smokers can pay many thousands more than non-smokers for the same life policy. So aside from the obvious health benefits of not smoking there are quite clear financial gains.”

Even if you aren’t ready to go cold turkey, there are still financial gains to be made by switching away from smoking to vaping or some form of nicotine replacement therapy.

E--cigarettes continue to grow in popularity, despite controversy about their safety. While the ideal is obviously not to smoke at all, an independent review published in the UK last year found vaping to be 95% less harmful than smoking. And with starter kits available from €20, the habit is also much kinder to your pocket.

If you are a gadget fan you might find yourself tempted by the constantly evolving accoutrements that go with vaping, but stick to to the basics and you can expect to spend 40-80% less than you did on cigarettes.

Nicotine replacement therapies make it easier to quit by reducing or removing the physical symptoms of withdrawal. You can take NRT as chewing gum, lozenges, inhaler or strips.

A packet of NRT gum with 105 pieces is currently on sale for approximately €25, in comparison to more than €55 for the same amount of cigarettes. If you have a medical card NRT and other quit smoking medications to help you kick the habit are free when prescribed for you by your GP.

Understandably, the myriad health benefits are the most oft-cited reasons for giving up smoking, but the boost to your wallet is a very nice bonus.

If you do decide to quit, the national smokers Quitline can be contacted on 1800 201 203.

DEAL OF THE WEEK

AIB are currently running a home insurance promotion, offering €100 off all new policies bought before the end of March.

They offer additional incentives for existing customers, giving an extra 15% discount to those who have an AIB loan or credit card and 10% discount if you have a mortgage with them.

The offer isn’t restricted to main homes, they also have specific policies to cover investment or rental properties, holiday homes and houses under construction.

They also have an option for homeowners who want to insure either contents only or buildings only. Customers have the option to pay over 12 months if they prefer, at no additional cost.

All discounts are applied on a reducing balance basis and subject to a minimum premium payable of €157.50. If you are interested call 1890 724 724 or drop into any branch.