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May 29, 2012

How much does it cost to quit smoking?

Some 6 million people in Canada are smokers, and many of them wish they weren't. About two thirds of smokers say they'd like to quit and have tried at least once to break the habit.

For the few who go cold turkey, the costs of quitting may be minimal. Others can spend hundreds of dollars on gum, patches, inhalers, nicotine replacement systems and hypnosis.

Although costs vary, quitting generally costs about $150 a month, according to Dr. Michael Fiore, director of the University of Wisconsin Center for Tobacco Research and Intervention. One-on-one counseling may add to the tab.

Some provinces now have subsidies for some people to cover smoking cessation programs.

Others, like B.C, pick up the tab for prescription meds. Often though, you're on your own although a friend of mine's insurance covered much of the cost of her smoking-cessation regimen.

No matter what you spend, it will probably never add up to more than the cost of continuing to smoke, however. According to this calculator, a pack per day smoker is looking at spending more than $3,000 every year.

Aside from the costs of cigarettes themselves, smokers pay much higher health insurance and life insurance premiums than non-smokers.

The resale value of their cars are reduced and the same goes for their houses. If your carpets, walls, and drapes smell of cigarette smoke, you can spend a fortune on cleaning before you can put the place up for sale.

How much have you spent when trying to quit smoking? Successful? Worthwhile? Permanent?

By Gordon Powers, MSN Money

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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

Jason BucklandJason Buckland

The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...