We can’t deny times are tough in the UK right now. The ongoing cost of living crisis is hitting the wallets and purses of people up and down the country.
While it may seem like there are only a few ways to truly make your money go further in today's economy, if you smoke there is one way: by switching to vapes. With the cost of cigarettes continuing to rise, is vaping the solution?
Not only is it deemed a healthier option (although not recommended for those who have never smoked), but it also keeps a considerable bit more in the bank account than a smoking habit would.
In this article, we'll explore the financial benefits of switching to vapes, including how much money you could save and the different types of vapes available.
The Cost-of-Living Crisis Explained
As explained by the Insititute For Government, the issue is widespread and snowballing since it began in 2021. The cost of living crisis is calculated by the average change in the price of typical goods and services, bought by households on an annual basis.
Following on from the rising increase in energy costs, including gas, electricity and consumable items (food and drink), inflation has soared as high as 11.1% in October 2022. It’s expected to drop to what the Bank of England considers manageable (2%) until 2024 and pre-2021 levels of economic normality are not expected until 2027.
The cost of living crisis affects individuals and families across all income levels. It can lead to financial stress, debt, and even poverty.
While governments and policymakers are working to address the issue, many people are looking for ways to save money in their daily lives.
The Financial Impact of Smoking Traditional Cigarettes
Smoking traditional cigarettes is a costly habit. It has jumped massively in price in the past few years as the UK government plans to be ‘smoke-free’ by 2030, reducing prevalence figures to 5% or less.
As the government raised Tobacco Duty Rates during March 2023, intending to reach this target, which in turn, increased costs for consumers.
Now it’s expected that the average price of a cigarette pack is set at over £14 per pack of 20. So it’s no wonder smokers are looking at alternatives.
Aside from the direct cost of cigarettes, smoking can also lead to indirect expenses such as healthcare costs. Smoking is a leading cause of preventable diseases such as lung cancer.
Conditions like these can require expensive medical treatments and medications, therefore stretching the NHS budget, which is already overwhelmed by the number of patients, costing the NHS roughly £2.6 billion annually because of tobacco products such as cigarettes and cigars.
Benefits of Switching to Vapes
The current cost of living crisis has impacted so many. While food, heating and electricity are simple necessities that are currently costing double what they did two years ago, smoking is a dangerous addictive habit that is the complete opposite.
It endangers your health both short term and long term. It puts a dent in your bank balance and when you consider most smokers go through at least a pack a day, that’s nearly £100 a week on something you don’t need.
With vaping, the benefits compared to smoking are clear, but let’s break it down for you:
Short-Term Outlay After Buying Vape Equipment
You have much greater control over what you purchase. It’s possible to do it all yourself, buying the vape device, e-liquid, tanks or pods, coils and accessories.
There is the option to buy disposables (between £5-10), which is the most expensive but helps new vapers the most because there is nothing to manage.
Or you can buy refillable or prefilled pod kits, which is the step after disposables but before vape mods (which have more features and power at a higher cost).
When you look at any of these options, each has different prices depending on the brands you buy, but all still work out cheaper than smoking.
The Long-Term Financial Benefits of Switching to Vapes
Financially, the savings are clear after you buy the largest item – the device. While disposables are good initially, to begin with at least, as you transition from cigarettes (a third of the price compared to a pack of cigarettes), you will want to move onto a refillable option for better financial savings long term.
For that reason, we advise a refillable pod device. They’re small and compact, lightweight and easy to carry around.
You can buy simple pre-filled pods with the vape juice already inside and you dispose when the vape juice is empty.
Or you can save even more by buying vape juice bottles (10ml with nicotine or 100ml shortfills – add a nic shot after). This works out even less but means the nicotine levels will be lower (3mg or 6mg, based on buying 50ml shortfill or 100ml shortfill).
So it depends on what stage of nicotine addiction you’re at and your motives for quitting. Switching to vapes can also lead to long-term financial benefits.
By quitting smoking, you can reduce your risk of developing smoking-related diseases, which can save you money on healthcare costs. You can also save money on life insurance, which often charges higher premiums for smokers.
Additionally, quitting smoking can improve your overall health and productivity, which can lead to higher earning potential.
Common Myths About Vaping and the True Costs
Several myths about vaping can deter people from making the switch. One common myth is that vaping is just as harmful as smoking. While vaping is not risk-free, it is generally considered to be less harmful than smoking.
Another myth is that vaping is more expensive than smoking. While the upfront cost of a vape device may be higher than a pack of cigarettes, the ongoing cost is much lower.
Switching to vapes is not only a smart financial move, but it is also an investment in your health. By quitting smoking, you can improve your overall well-being and reduce your risk of developing smoking-related diseases.
You can also improve your financial situation by reducing your expenses and potentially increasing your earning potential.
Before starting vaping, you need to consider your situation now and what you hope to get out of the transition to e-cigarettes. At no point do we condone vaping as something cool to do culturally or a way to sneak out of the office.
The idea behind it is to reduce your nicotine levels, reduce the chances of inhaling dangerous toxins as you would from smoking and save a few pennies while you’re at it!
After you pay the cost of a device, which we advise doing thorough research and reading reviews for the best in terms of longevity and reliability, the other important accessories are much cheaper and can be purchased weekly instead of daily with cigarettes.
You can order them online with discounts and in bundles to navigate delivery charges, saving you even more!
With a few smart calculations, some patience and determination, you can be reducing your nicotine levels in no time for a fraction of the price, saving more money needed during these difficult times.