The Start of a New Year: How Dry January Can Lead to Financial Savings
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.
Why Go Dry?
Most participants 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.
Financial Savings
But the financial savings are also significant.
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.
Tracking Your Savings
Tracking your baseline spending on alcohol is the best way to figure out how much you’ll save by going dry, advised Boneparth. The U.S. Department of Health and Human Services’ alcohol spending calculator can also show how much you are spending on alcohol every week, month or year.
Putting Your 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.
Conclusion
Giving up alcohol for a month can have numerous benefits, including improved sleep, weight loss, and overall wellbeing. Additionally, the financial savings can be significant, ranging from $300 to $1,000 or more, depending on consumption. By tracking your baseline spending and putting your savings to work, you can make the most of this resolution.
FAQs
Q: How many adults are participating in Dry January this year?
A: 22% of adults are participating in Dry January this year, according to a new report by Morning Consult.
Q: What are the main reasons people participate in Dry January?
A: The main reasons people participate in Dry January are the health benefits and the financial savings.
Q: How much money can I save by going dry?
A: Depending on your typical drinking patterns and related expenses, you can save between $300 and $1,000 or more by going dry for the month.
Q: How do I track my savings?
A: You can track your savings by keeping track of your baseline spending on alcohol and using tools such as the U.S. Department of Health and Human Services’ alcohol spending calculator.
Q: What should I do with my savings?
A: You can put your savings to work by spending it on a health club membership, a new bike for exercise, savings, or a holiday.
