According to Vape Club, the UK's largest online retailer of e-cigarettes and vaping accessories, smokers can save up to £180 per month, equivalent to a household's monthly heating bill, by changing their lifestyle and quitting smoking. With heating costs on the rise, new data reveals that quitting smoking could save smokers up to £2,190 per year.
If the 6.9 million adult smokers in the UK smoke 10 cigarettes a day, they would spend a staggering £180 per month. However, if they smoke 20 cigarettes a day, this cost increases to £360 per month, nearly matching the average monthly cost of groceries (£375) or Christmas gift expenditures (£388).
People across the UK are feeling the strain of rising living costs and are being urged to reconsider their spending habits to reclaim some cash before the holiday season. This need for extra income is evident in the 400% surge in demand for "side hustles" over the past two years, compared to September 2020. Smokers are being encouraged in particular to modify their consumption habits.
It is expected that an economic recession will hit the UK in 2023. Additionally, as energy becomes increasingly expensive, some smokers may face a difficult choice this winter: heating or smoking.
The head of Vape Club, Dan Marchant, stated that "whether you smoke rolling tobacco or cigarettes, you will feel the pain of price increases." The rise in taxes and production costs will have an impact on your weekly or monthly expenses.
It is understandable that the cost of smoking is a major driving force for people who want to quit, as the savings are significant. If you smoke at least 10 cigarettes a day for a week, you will spend £42. From now until Christmas, you could save £420, which could be used to buy Christmas gifts for your friends and family.
Although quitting smoking is well-known to be difficult, even if you can switch to a less harmful alternative, if you are a person who smokes 10 cigarettes a day, buying refillable kits can still save you £1,847 compared to smoking regular cigarettes.
As Christmas approaches, it's a good time to consider quitting smoking, which can aid your finances and health during one of the most expensive periods of the year. According to our calculator, which compares the costs of smoking to those of disposable e-cigarettes, smokers could save £28 a week by making the switch.
Shaun Tarzy, the Managing Partner of Wealthcare Financial, suggests that creating and sticking to a budget is the easiest and quickest way for anyone wanting to start saving. Cut down on unnecessary expenses and deposit the saved money into high-yield savings accounts or invest in index funds, which can work wonders for anyone looking to increase their savings.
Offering a service for sale is a great way to earn extra cash, and it can even turn into a profitable side business. Find something that you are good at and enjoy doing, and offer it to people on Facebook and Nextdoor. Services such as pet-sitting, babysitting, cleaning, lawn care, and even car detailing are all great options for a side hustle that you can start today.
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