How Much Money Will You Save If You Quit Smoking Calculator

Smoking comes with a big price tag. Use this calculator to find out how much you'd save if you kicked this expensive habit.

Once you quit smoking, the savings - and health benefits - add up quickly. Below, get the full rundown of how smoking impacts your wallet and body.

Is cutting down on smoking worth it?

The choice to quit smoking is a big deal. Many people simply reduce their smoking as a first step and work up to quitting. It's usually easier, and it helps people feel in control of their habit.

But going cold turkey might be better.

In a Harvard study, one group of smokers was asked to quit smoking abruptly while the other gradually cut back on cigarettes for two weeks before the quit date. During the 6-month follow up, the first group was significantly more successful (22% vs 15%).

So if you want to be free of cigarettes, consider stopping immediately. It may be tough, but it could be key to your success.

Financial benefits of quitting smoking

It's easy to calculate how much of your paycheck is going towards smoking every week. But what about the long-term health and financial effects?

Let's put it this way: At today's prices, one pack of cigarettes per day for 10 years adds up to $22,9222. That's enough for a down payment on a house in some states.

For an added incentive to quit, read these fast facts:

1. Reduced healthcare costs - Smokers deal with these common health issues:
   • Lung and other cancers
     
   • Chronic obstructive pulmonary disease
     
   • Heart disease
     
   • Stroke
     
   • Fertility issues
     
   • Gum disease
     
   • Tooth loss
     
   • Cataracts
     
   • Type 2 diabetes
     
   • Rheumatoid arthritis
     
   • Wrinkles and premature signs of aging
     
   • Poor vision
     
   • Anxiety and irritability

2. Lower health insurance premiums - The cost of a smoker's premium can be up to 50% higher than a non-smoker's.

3. Reduced cleaning costs for your car and home - Cigarette smoke lingers and can discolor furniture, clothing, and even the walls in your house.

4. Reduced secondhand smoke - Your friends and family members will benefit financially and physically. Kids exposed to secondhand smoke are more likely to develop lower respiratory tract infections, middle-ear problems and asthma.

If you quit smoking, you'll generally have a better quality of life. You're less likely to deal with colds, the flu and other respiratory infections. You'll take fewer trips to the doctor and sick days, and spend less money on medications.

Ready to quit? Take a look at the different smoking cessation strategies below.

So, how much does it cost to quit smoking?

There are a few ways to resist a tobacco craving. Check out their price points below:

1. Nicotine replacement therapy - The average quit attempt is 12 weeks of nicotine gum and 8 weeks of nicotine patches and costs $379.55.
   
   • Nicotine gum - $40.07 for 108 pieces of gum
     
   • Nicotine patches $44.80 for 14 24-hour patches
   
   
2. Smoking cessation medications - Prescription drugs Chantix and Zyban alter chemicals in your brain to reduce withdrawal syndromes.
   
   • Chantix - $462 without health insurance
     
   • Zyban - $34.35 without health insurance
   In a Harvard study, Chantix was the most successful in helping folks quit smoking. The medication binds nicotine receptors in the body to reduce withdrawal symptoms and blocks nicotine from the cigarettes, making smoking less enjoyable.

3. Alternative therapy - Hypnosis, acupuncture and meditation can change your mental and physical habits.
   
   • Hypnotherapy sessions - $72 - $125 per session
     
   • Acupuncture sessions - $65 - $300 per session
     
   • Meditation sessions - $25 - $150 per session

4. Individual therapy or support groups - You may attend sessions regularly or when the urge comes up. Many therapy providers offer telephone service as well.
   
   • Individual therapy - upwards of $125
     
   • Group therapy - $40 - $50 per session

These are just a few approaches available to you. Be sure to speak to your doctor to find the right method for your needs.

What is the cheapest way to quit smoking?

If you're on a budget and want to stop smoking, consider making few lifestyle choices:

1. Use Stopober NHS - Stopober is a 100% free four-week program. You get advice, a quit kit and a tracker to see how much money you're saving.

2. Check out other quit smoking apps - Smoke Free, QuitNow! and EasyQuit can provide extra motivation when things get tough.

3. Write a list of reasons to stop smoking - Review these personal reasons when you feel the urge to get some inspiration to stay strong during cravings.

4. Get rid of all smoking gear - Safely dispose of your ashtray, lighter and cigarettes to reduce temptation.

5. Tell everyone you're quitting smoking - A support network of friends and family will help keep you accountable and motivated to quit once and for all.

What the Experts Say

As part of our series on habits and saving money, CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

Bottom line

Everyone's journey is different.

It can be challenging to give up cigarettes. But this move is also one of the best things you can do for your body and finances.

And you're not alone. There are many resources, such as apps, counselors and doctors, to help you during this process. Don't forget your friends and family - they're more than happy to provide extra encouragement.

Once you kick the habit, you'll have greater control on your finances and health.