In the current climate, with rising living costs squeezing many of our budgets, every penny has to go that bit further.
With many of us finding that more of our income is being spent on covering our monthly energy bills, food and other essential expenses, it can make sense to cut back on some of the outgoings that may be eating into our budget every month.
Furthermore, if you're a smoker, there's more than one reason to cut back on - or cut out altogether - the amount you spend on cigarettes: your health and your finances, as smoking could potentially increase the cost of a life insurance policy .
If you've ever tried to quit smoking, but never quite managed to go through with it, now could be a better time than ever to break the habit - and improve your financial health into the bargain!
How could stopping smoking improve my finances? As well as going some way to improving your overall physical health, deciding to stop smoking could have big effects on your budget too.
Work out how much you spend on cigarettes every month and figure out how much more 'spare' money you'd have if you didn't smoke. Seeing what difference it could make to your finances - and where the money could go instead - could be a real shock, reminding you exactly how much of your money is literally going up in smoke.
Are you a planning a holiday? Thinking about applying for gym membership? Saving up for Christmas? Putting the money you otherwise would be spending every month on cigarettes into a savings pot could help you to achieve your financial goals a fair bit faster.
How could smoking affect my insurance policy?
If you're a smoker and your insurance policy charges higher premiums, you could cut the cost if you 'kicked the habit' for good.
So some people may think about not telling their insurer all the facts to help reduce the cost, but this is a bad idea. There's no guarantee your insurer will pay out if they discover that the information you provided isn't accurate or up to date - so always be as accurate as possible when providing your personal details and make sure you understand all the terms of your policy before you agree.
Similarly, if you do decide to give up smoking, inform your insurer as soon as possible - and find out if/when you can expect to see the cost of your premiums fall.
