Turn a poor habit into savings, charity suggests

POSTED: 8th January 2013
IN: Personal News

A leading charity has challenged smokers to ditch the habit and turn the savings into a substantial pot that could be used to fuel their later life.

undefinedAccording to the Money Advice Service (MAS), a 20-a-day smoker of a premium brand of cigarettes could save as much as £2,900 in 2013 if they gave up the habit.

The service has launched a cut-back calculator to help smokers uncover how much they would save if they reduced the amount the sparked up or quit altogether.

Describing this as "extra cash which could work hard in a savings account such as an ISA", the MAS claimed those smoking value cigarettes could put away as much as £2,300 per year if they gave up.

Director of service delivery at the MAS Karen Broughton commented: "Cigarettes can really burn a hole in you household budget, but smokers who cut back or quit completely in 2013 will see real difference in their pocket straightaway."

The savings made could be put into a flexible and tax-free account such as Aldermore's Variable Cash ISA.

Not only is this a great way to safeguard finances from tax, users can access their funds without compromising the interest rate if they need some of the finance sooner rather than later. 

It is simple for those with a savings account to transfer their Cash ISA from another provider so they can begin to take advantage of the Bank's offerings immediately.

And because it can be easily managed online, by post, or over the phone, savers will be able to keep track of their pots at all times, which may be even more of a motivation for smokers as they see their healthier lifestyle amount to a financial reward.

This is especially significant as a study published in the British Medical Journal revealed a single cigarette can erode life expectancies by 11 minutes or one hour and 50 minutes per ten-cigarette packet.

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