It’s ‘Dry January.’ How much you can save by not drinking for a month – NBC Chicago
There are many undisputed health benefits associated with Dry January. There’s also an economic boost.
One expert estimates the savings for the monthlong endeavor could be between $300 and $1,000, depending on consumption.
For a growing number of adults, that’s a top motivator.
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The start of a new year is the most popular time to make a resolution or two. For many, those include giving up alcohol for the first 31 days.
This year, 22% of adults are participating in Dry January, five percentage points higher than in previous years, according to a new report by Morning Consult.
“I don’t even want to call it a trend anymore because it has staying power,” said Lindsey Roeschke, author of the report.
Of those taking a break from beer, wine and mixed drinks, most were driven by the health benefits, the research found. Some adults may be particularly motivated by the U.S. Surgeon General’s recent warning that even small amounts of alcohol can cause cancer, Roeschke said.
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.
How much money you can save
“Your exact savings during Dry January will hinge on your typical drinking patterns and related expenses,” said Douglas Boneparth, a certified financial planner and president and founder of Bone Fide Wealth, a wealth management firm based in New York.
“For some, skipping that occasional glass of wine might free up $50, while for those who regularly go out, the total could climb to $300 or more,” he said.
Fred Harrington, the CEO of Coupon Mister, a site with money-saving tips, estimates that going entirely alcohol-free for the month could save between $300 and $1,000, depending on consumption.
“The savings associated with cutting out alcohol for Dry January can be substantial,” Harrington said. “Even if you’re an occasional drinker, you’ll see a noticeable difference in your spending by giving up alcohol for a month.”
How to put that savings to work
“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.
Alternatively, that money could be well spent paying down post-holiday debt.
Most experts also recommend putting any extra cash in an emergency savings fund. Even a few hundred dollars can go a long way to providing a financial cushion when unexpected expenses arise.
Conclusion
Dry January is not only a great way to kick-start healthy habits, but it can also have a significant impact on your wallet. By cutting out alcohol for a month, you can save anywhere from $300 to $1,000, depending on your consumption. Whether you choose to put that money towards a health club membership, paying down debt, or building up your emergency savings fund, the benefits are undeniable.
FAQs
Q: How much can I save by not drinking for a month?
A: Depending on your consumption, you can save anywhere from $300 to $1,000.
Q: What are the most popular reasons for participating in Dry January?
A: The most popular reasons include health benefits, improved sleep, and weight loss.
Q: How can I track my spending on alcohol?
A: You can use the U.S. Department of Health and Human Services’ alcohol spending calculator or track your spending manually to get an idea of how much you’re spending on alcohol.
Q: What are some ways to put the savings from Dry January to work?
A: You can use the savings to pay down debt, build up your emergency savings fund, or invest in a health club membership or other wellness-related expenses.
