Dry January, a popular trend of abstaining from alcohol for a month, offers numerous health benefits and provides a significant financial advantage. This article explores the cost savings associated with Dry January, highlighting how individuals can put the extra money towards their well-being and financial goals.
Forgoing alcohol entirely for a month has become a popular way to kick-start better habits. It's credited for improved sleep, weight loss and overall wellbeing. Dry January 's popularity isn't just about health benefits; there's also a notable economic boost. One expert estimates the savings for the monthlong endeavor could be between $300 and $1,000, depending on consumption.
'Even if you're an occasional drinker, you'll see a noticeable difference in your spending by giving up alcohol for a month,' said Fred Harrington, the CEO of Coupon Mister. The savings associated with cutting out alcohol for Dry January can be substantial, especially when considering other expenses related to alcohol consumption. 'Big-city bar prices are often higher than those in small towns and social habits — weekly happy hour, weekend outings — also play a huge role,' said Douglas Boneparth, a certified financial planner. Tracking your baseline spending on alcohol is the best way to figure out how much you'll save by going dry, advised Boneparth. In fact, saving money was the third most popular reason for cutting out alcohol for the month, according to Morning Consult, which noted that this motivator 'ticked up in 2022 when inflation reached its peak,' said Lindsey Roeschke, author of the Morning Consult report. There could be an additional trickle-down effect from fewer rideshares or food orders and even less of a chance of impulse purchases. 'It's not just the money spent on the alcohol itself, it's all of the ancillary things that come along with that,' said Morning Consult's Roeschke. You can put the money you save by doing Dry January to great use by, say, spending it on a health club membership, a new bike for exercise, savings or a holiday,' Harrington said
DRY JANUARY HEALTH WELLBEING FINANCES SAVINGS
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