52-Week Savings Challenge No. 42: Kick This $5 Daily Habit
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- By Christina Lavingia
- February 19, 2015
It’s now week 42 of the 52-week savings challenge. Last week, GOBankingRates recommended you save $41 by not purchasing apps and instead looking for free editions and promotions.
Much like week 40’s advice to share your cell phone bill with a family plan, this week’s challenge will save you a lot more than $42 if you factor in the long-term costs. Of all the money-saving suggestions we’ve made so far in this challenge, this one requires the most willpower and motivation by far — especially since it’s not an expense to cut for just one week, but rather for a lifetime.
According to a calculation by GOBankingRates, you could save $8,273 every year by no longer smoking. That’s six times greater than what the 52-week savings challenge will save you over the same time period. If kicking the habit for good seems unrealistic at this time, you can save around $35 this week by not paying $5 for a pack of cigarettes each day.
Each suggestion in the last 41 weeks has required participants to cut one expense for just a week, but when it comes to smoking, the lifetime savings — and lengthened lifespan — should make you consider maintaining this week’s challenge indefinitely.
Imagine the savings from just one year of not smoking and participating in the 52-week savings challenge: Your amount saved would shoot up to $9,651. What could you do with that money? Make significant strides to a home down payment? Finally get out from under a pile of debt? Establish a college savings account for your child? Consider decreasing the amount you smoke consistently to build your savings over time — even after the 52-week challenge is over.
Week 41 << 52-Week Savings Challenge >> Week 43
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