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The start of a new year is the easiest time to make a decision or two. For many people, these include abstaining from alcohol for the first 31 days.
This year, 22% of adults participated Dry JanuaryFive percentage points higher than in previous years, according to a new report Morning consultation.
“I don’t even want to call it a trend anymore because it has staying power,” said Lindsey Roeschke, the report’s author.
Research has found that of those who quit beer, wine and mixed drinks, the majority did so because of the health benefits. Some adults may be particularly interested in the recent actions of the U.S. Surgeon General warn Even small amounts of alcohol can cause cancer, Roschke said.
Giving up alcohol altogether for a month has become a popular way to develop better habits. It is thought to improve sleep, weight loss, and overall health.
But the savings are also significant.
How much money you can save
“The exact amount you save during Alcohol Free January will depend on your typical drinking patterns and related expenses,” said Douglas Boneparth, certified financial planner, president and founder of the company. sincere wealtha New York-based wealth management firm.
“For some people, skipping an occasional drink might save $50, while for those who go out frequently, the total can climb to $300 or more,” he said.
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Fred Harrington, CEO of Coupon Mister, a website that offers money-saving tips, estimates that giving up alcohol entirely this month could save between $300 and $1,000, depending on consumption.
“Giving up alcohol for a month can lead to significant savings,” says Harrington. “Even if you drink occasionally, you’ll see a noticeable difference in your spending after giving up alcohol for a month.”
In fact, according to Morning Consult, saving money was the third most common reason for giving up drinking this month. Currency as the primary driver “increases when inflation peaks in 2022,” Roeschke said.
Boneparth, who serves on CNBC’s financial advisory board, suggests tracking your baseline drinking expenses as the best way to calculate how much money you’ll save by quitting drinking. U.S. Department of Health and Human Services Alcohol Consumption Calculator It can also show how much you spend on alcohol per week, month or year.
Bonepass said a lot also depends on what you drink and where you live. For example, a six-pack of beer at a grocery store might cost $10 to $15, while a cocktail at a bar might cost $12 to $18.
“Bar prices in big cities are generally higher than those in small towns, and social habits — weekly happy hours, weekend outings — also play a huge role,” Bonepas said.
Fewer ride-sharing or food orders, or even fewer opportunities to shop online while intoxicated, could have additional trickle-down effects.
Says Morning Consult: “It’s not just the money spent on the wine itself, but all the ancillary items that come with it.” Roschke.
How to put your savings to work
“You can make the most of the money you save through Dry January, for example by spending it on a health club membership, buying a new bike for exercise, savings or a holiday,” Harrington said.
Alternatively, the money could be used to pay off debt Post-holiday debt.
Most experts also recommend putting excess cash into an emergency savings fund. Even a few hundred dollars can provide a big financial cushion when unexpected expenses arise.
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