On July 1st 2007 new regulations came into force in Britain banning smoking in any enclosed public areas. Smokers are now no longer allowed to smoke in bars, pubs, clubs, restaurants, and other venues where smoking was previously allowed. As a result of this many smokers have decided to try and quit the habit, and for those that are successful there could be a fair amount of extra money available each month that can be invested elsewhere. This comes from the savings on the cost of cigarettes, which can be considerable for heavier smokers, as well as reductions in areas such as life and home insurance policies.
Financial experts are now offering advice on how ex-smokers could start using this extra money to benefit them most. It is thought that heavy smokers could be saving thousands of pounds a year on the cost cigarettes, and even lighter smokers could be looking at annual savings in excess of £1000. There are many different ways in which this additional disposable income could be used by ex-smokers, and advisers have suggested a number of options that consumers can look at to make the most of the money that they save.
One suggestion put forward by financial experts is to invest the money in a high interest savings account such as an ISA, where it can accrue high levels of interest each year and could really add up over time. Homeowners that quit the habit could also cash in by increasing the repayments on their mortgages. This could save them a fortune in interest payments over the term of the loan, and could cut the term of their mortgage, enabling them to get out of debt more quickly.
Another suggestion is to invest the money for the future in some form of retirement fund, and for younger smokers with more time to save this could add up to a considerable amount that could lead to a far more comfortable and enjoyable retirement.
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