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Smoking is a difficult habit to quit.  There are many services that can help you, the most commonly known is Quitline, and each person will quit for different reasons.  For some it will be that they want to live a healthier life.  Others will quit because they want to be a role model for their family.

The financial cost of smoking

Some people end up quitting because of the huge day-to-day cost of smoking.  Cigarettes are expensive and getting more so every year as the government adds taxes on.  For some people, the realisation of how much they are spending on cigarettes in a month is enough to make them quit immediately.

If you think you might be that type of person, we’ve created a little calculator below for you.  The only information you need is:

  • your mortgage amount and interest rate and,
  • how many cigarettes you smoke per day

The form will show you how much you can save on a 30 year mortgage if you quit smoking and put that money onto your mortgage payments.  The field you should be most interested in is the last one.  That will be how much extra interest you have saved – how much money you now have for retirement – by quitting.

This form is not about shame.  Smoking is a hard habit to quit.  It is about finding the one thing that gives a smoker the resolve to quit.  If it is the potential to save money and retire earlier, this is the form for you.



One further financial benefit from quitting smoking

Remember, if you were a smoker when you started your life insurance, contact your Life and Health Insurance Adviser once you have stopped for 12 months.  You’ll save even more on your insurance premiums!  The Mortgage Lab don’t provide advice on Life and Health insurance but we work with some fantastic insurance advisers.  If you don’t know who your Adviser is, get in touch and we’ll point you in the right direction.

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