Quit Smoking And Pay Your Mortgage

over time substantial financial benefits can be had.

Quitting smoking could have a big impact on helping you to pay your mortgage and stay afloat in these financially precarious times. You might reckon that quitting smoking is not going to make a big difference but if you look at the numbers you will see that over time substantial financial benefits can be had.

For example the most obvious financial incentive comes from you saving about £40 a week from not buying cigarettes which comes to over £2,000 a year. (Based on a 20 a day smoker.) If you put this money towards your mortgage you could pay it off earlier and also save a lot of money with interest payments in the long term.

Another considerable financial benefit that comes from quitting smoking is that you will save on life insurance premiums. When you have a mortgage the bank always require that you take out a life insurance policy which covers the mortgage in the event of your demise. If you are a smoker the insurance company obviously has to take this into account and evaluate the considerably greater risk of you dying earlier.

People who smoke are also more probable to get sick and thus reduce their ability to earn money. The biggest financial advantage of quitting smoking is that you will be more productive at work, more positive in your outlook on life and generally healthier. Healthy people are more efficient employees and research has shown that they have a better chance of being promoted at work.

Smoking is an indefensible habit which has too many disadvantages to be justified. Now that there is a credit crunch on you should use it as an incentive to quit smoking and take control of your life. If you are struggling with your mortgage, quitting smoking could make a difference between repossession and being able to continue living where you want.