Knock years off your mortgage by giving up smoking!
I’ve never really thought about it quite like this but smokers are spending on average £170 a month if they smoke 20 cigarettes a day.
The health benefits of giving up are obvious but smokers could also make a fantastic financial decision. If a 20 a day smoker put the £170 monthly spend on cigarettes into a high interest savings account like the Abbey fixed rate monthly saver that pays 7.25 per cent Gross for 1 year, they could have built up just over £2,000 worth of savings in the last 12 months.
The 1st July 2007 was the first day of the smoking ban in the UK, and the anniversary should make smokers think very seriously about quitting and saving money.
Instead of spending £5 a day on cigarettes smokers could save £5 a day and use this money to overpay on their mortgage. Abbey says that customers could knock 8 years off their mortgage and save a staggering £50,000 over 25 years, in the process. Not a bad tip!?
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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