UK Money News
25th June 2008
Savings inducement for giving up smoking
Smokers who kicked the habit to coincide with the introduction smoking ban could have accumulated a cash sum of over £2,000 had they deposited the money they no longer spend on cigarettes in a savings account.
This is the claim of Abbey, which based the calculation on a 20-per-day smoker who spent an average of £170 per month on their habit as well as he interest accrued on the money for 12 months.
Meanwhile, quitters who use the money to overpay on their mortgage by £5 per day can knock eight years off the term of their loan, saving over £50,000 over 25 years.
Reza Attar-Zadeh, director of savings and investments at Abbey, said: "It goes without saying that giving up smoking is not only great for your health but also for your bank balance.
"Using the saving wisely could knock years off your mortgage."
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