Americans could save an average of $3,000 if they gave up alcohol for one year, a new study found.
As inflation remains at a peak of 3. 2%, Americans are looking for tactics to reduce their monthly spending habits, from streaming subscriptions to daily coffee orders. But one thing that many forget to give up in order to save costs is alcohol.
According to Addiction Group, even if you buy the cheapest alcohol, ditching your beer or wine habit could save you an average of $200 to $300 a month. That’s if you drink alcohol every day, amounting to an annual savings of between $2,400 and $3,600.
Another organization, Hello Sunday Morning, estimates that couples who buy about 8 bottles of wine at $20 a week will save $8,320 a year by quitting drinking.
With this kind of money in your pocket at the end of the year, financial experts say you can pay off your debts, save for retirement, or even invest in a lifestyle.
And Josh Michaels, a financial expert and CEO of private finance site Money4Loans, said the thousands of dollars stored annually are just the tip of the iceberg.
“A user who redirects their savings to a retirement account like a Roth IRA can, with an average annual return of 7%, accumulate more than $100,000 in 20 years,” Michaels told Newsweek. “This is a transformative figure, especially for those suffering from monetary insecurity. It may be the difference between a tense retirement and a comfortable retirement. “
Sobriety also has many fitness benefits. Doctors report greater brainpower and sleep, higher productivity, lower risk of alcohol-related illnesses, and lower overall fitness costs in sober patients.
Heavy drinkers who quit alcohol report weight loss. If you look only at the calories in a popular beer, which average around 150, it’s easy to see why.
Those who drink four beers a night will consume 600 fewer calories per day. That’s 4200 fewer calories in a week, which means those who opt for sobriety can lose at least a pound of fat each week.
So, with all those cash savings and all those conceivable fitness benefits, why aren’t more Americans giving up alcohol and embracing sobriety?
It likely comes down to culture and the short-term satisfaction that comes after indulging in a drink or two, experts say.
“While a savings of $3,000 a year is significant, it is not as tangible as the rapid social or mental benefits of drinking,” Michaels said.
Addiction Group estimates that about one in ten Americans has struggled with an alcohol use disorder. However, most Americans don’t give up alcohol at all for other reasons.
It might be a key component of their social life or a way to wind down after work and enjoy dinner with their loved ones.
Beverage-conscious company Sunnyside found that even if you cut back 30 percent, opting for 14 drinks per week out of 20, you can save between $936 and $2,496 a year.
Many drinkers also shop while intoxicated, either online or through an impulsive resolution to eat greasy foods at the end of the night. A 2019 survey found that 79% of drinkers had made at least one online purchase while intoxicated, representing an average of $444 in lost cash during the year.
“Imagine turning your annual expenses on alcohol into a fund that can fund a child’s school education, their trip to the world, or a comfortable retirement,” Michaels said. “Sobriety is not just a fitness option. It’s a difficult monetary strategy. “
Suzanne Blake is a reporter for Newsweek in New York City. Its purpose is to inform social and customer trends, from retail to restaurants and more. She graduated from UNC Chapel Hill and joined Newsweek in 2023. Suzanne can be reached by emailing s. blake@newsweek. com.
Languages: English