Americans could save an average of $3,000 if they gave up alcohol for one year, a new study found.
As inflation remains high at 3.2 percent, Americans are looking for any way to curb their monthly spending habits, from streaming subscriptions to daily coffee orders. But one thing that many neglect to consider giving up for cost savings 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, estimated that couples who buy around eight $20 bottles of wine a week will end up with $8,320 saved a year by giving up their alcohol habit.
Financial and Health Benefits of Sobriety
With this amount of money back in your pocket at the end of the year, financial experts say you could pay off debts, save for retirement or even invest in a healthier lifestyle.
And Josh Michaels, a finance specialist and the CEO of personal finance site Money4Loans, said the saving thousands of dollars yearly is just the tip of the iceberg.
"A person redirecting these savings into a retirement account like a Roth IRA could, with an average annual return of 7 percent, amass over $100,000 in 20 years," Michaels told Newsweek. "This is a transformative figure, especially for those grappling with financial insecurity. It could mean the difference between a strained retirement and a comfortable one."
There are also numerous health benefits that you can gain by going sober. Doctors report better mental health and sleep, higher productivity, reduced risk of alcohol-related diseases and overall lower healthcare costs in patients who are sober.
Weight Loss Is a Bonus
Heavy drinkers who give up alcohol frequently report weight loss Looking at the calories alone of a standard beer, which average around 150, it's easy to see why.
Those who typically drink four beers per night will consume 600 fewer calories daily. That adds up to 4,200 fewer calories in one week, meaning those choosing sobriety could lose at least one pound of fat each week.
So, with all these money savings and health benefits possible, why don't more Americans ditch the alcohol and embrace sobriety?
It likely comes down to culture and the short-term satisfaction that comes after indulging in a drink or two, experts say.
"While saving $3,000 a year is significant, it's not always as tangible as the immediate social or psychological benefits of alcohol consumption," Michaels said.
Addiction Group estimates that around one in 10 Americans have battled alcohol use disorder. However, the majority of Americans don't give up alcohol fully 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.
Mindful drinking company Sunnyside discovered even if you cut back by 30 percent, opting for 14 drinks a week instead of 20, you could save somewhere between $936 to $2,496 a year.
Many drinkers also engage in drunk shopping—whether that's online or an impulse decision to grab some greasy food at the end of the night. A 2019 survey found 79 percent of drinkers had made at least one drunk online purchase, and this averaged $444 of lost money each year.
"Imagine transforming your annual alcohol expenditure into a fund that could pay for a child's college education, a world trip, or a comfortable retirement," Michaels said. "Sobriety isn't just a health choice. It's a powerful financial strategy."
