How much could your smoking cost you in the long run?

The costs of smoking is on the rise, so the personal-finance website WalletHub did a new report on The Real Cost of Smoking by each state. According to the American Lung Association, tobacco use contributes to nearly half a million deaths each year. Tobacco use is also the leading cause of lung cancer in the United States. Not only that, if you aren't a smoker but are around smoke it can negatively affect your health. Since 1964 20 million lives have been claimed by smoking, but 2.5 million of those are nonsmokers who developed diseases from secondhand smoke exposure.

While 36.5 tobacco users in the United States are out there puffing away, WalletHub decided to show smokers exactly how much money they could potentially waste on the nasty habit. The website's analysts calculated the potential monetary losses from things like the annual cost of smoking a pack a day, the health care costs, income losses as well as other costs brought on by tobacco use.

Texas and New Mexico came in close to one another at #27 and #29, close to the middle. Here are the financials costs of smoking for the average smoker in Texas and New Mexico:

The Financial Cost of Smoking in Texas (1=Lowest, 25=Avg.):

  • Out-of-Pocket Cost per Smoker – $113,738 (Rank: 26th)
  • Financial-Opportunity Cost per Smoker – $958,079 (Rank: 26th)
  • Health-Care Cost per Smoker – $152,540 (Rank: 23rd)
  • Income Loss per Smoker – $217,085 (Rank: 28th)
  • Other Costs per Smoker – $17,296 (Rank: 50th)
  • Total Cost Over a Lifetime per Smoker: $1,458,738
  • Total Cost per Year per Smoker: $28,603

The Financial Cost of Smoking in New Mexico (1=Lowest, 25=Avg.):

 

  • Out-of-Pocket Cost per Smoker – $120,625 (Rank: 31st)
  • Financial-Opportunity Cost per Smoker – $1,016,097 (Rank: 31st)
  • Health-Care Cost per Smoker – $155,928 (Rank: 27th)
  • Income Loss per Smoker – $183,449 (Rank: 6th)
  • Other Costs per Smoker – $10,912 (Rank: 22nd)
  • Total Cost Over a Lifetime per Smoker: $1,487,012
  • Total Cost per Year per Smoker: $29,157

Find out more information on this report at the WalletHub website.