At Church yesterday, my Pastor, Rev Richard Jama, during his message for the day, made a statement which prompted me quickly put on my ‘money management cap’. He said “Sin is expensive; it is more expensive to live a sinful life than to live a righteous one”. Not only in the eventual consequences of your actions but also in what you have to go pay to commit the sin!!
I agree totally with his statement and i know you will agree with it too. Here is my reason: There is a kind of tax famously referred to as “Sin Tax” and they are widely accepted as bing so.
Sin taxes are taxes that are typically added to products or services that are seen as vices, such as alcohol, tobacco and gambling and other non-luxury items. These type of taxes are levied by governments to discourage individuals from partaking in such activities without making the use of the products illegal. Governments favour sin taxes because they generate an enormous amount of revenue and are usually easily accepted by the general public because they are indirect taxes that only affect those who use the products. When governments run deficits, increase on the sin taxes are typically some of the first taxes recommended by lawmakers to help fill the budget gap.
Smoking is one of such ways that you pay the ‘sin tax’.
A TV celebrity recently defended her 20-a-day smoking habit by saying it helps to keep her slim. I don’t believe that you have to ‘burn money’, blacken your fingers and teeth, damage your lungs and smell of tobacco in order to stay slim. That is a rather expensive way of slimming down.
Not everyone can afford to burn money like this lady and those who do should check the financial implications of their habits if nothing else.
A 20-a-day habit currently costs £37.80 (an average of £5.40 for a pack of 20). That is £163.80 a moth or £1965.60 a year that go up in smoke. This money could instead be used to clear or reduce debt, boost your savings or investments or even even be used to pay for a holiday.
What this habit is costing you is more than just money, but you can break and overcome it, you’re bound to develop betteer sense of taste and smell, get more energy, have younger looking skin – all without spending a penny. Even insurance companies will treat you differently.
Is paying the “sin tax” worth your health and your wealth? You decide.
Niyi adeoshun
Money Management Coach
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