Figures from Norwich Union suggest that giving up for lent could have a positive effect on your pocket. For example giving up 20 cigarettes a day at 5 a pack over 40 days and 40 nights, would mean being 200 better off by Easter Sunday. Over the year, this could amount to around 1825 – for couples choosing to give up together; the benefits could be even more.
Giving up habits such as smoking could even lead to more benefits to your wealth as well. A 40 year old male non-smoker applying for life insurance with Norwich Union could expect to pay around 12.00, compared to 23.20 for a smoker.5 Add this extra premium to the amount you could save by giving up and you’d be looking at around 2000 a year.
Other savings you could make during lent include: Giving up two bottles of wine a week at 7 a bottle would save around 84.2. A cup of coffee a day at around 1.80 would save around 72.3. A bar of chocolate a day at around 40p would save around 16.4.
“It’s astounding how much you can save by giving up a little something over lent. In our example of cigarettes, you can save nearly 200 as well as the obvious health benefits,” says Simon Quick, a director at Norwich Union. “Working out where to save your money is sometimes as hard as giving up.”