As we leave the festive season behind and head into the new year for 2024, Christmas and its incurring costs have left many bank accounts dry and in need of a financial fresh start.
Whether you’re sober-curious, aiming to drink less, or after the health benefits of sobriety for a ‘new year new me’, cutting out alcohol for Dry January could save you hundreds of pounds, improving your health and wealth.
Quitting alcohol can give you a number of benefits, including helping your mental wellbeing, improving your quality of sleep and concentration, as well as providing an unshakeable sense of achievement.
Saving money is one of the biggest benefits, though, with people considering quitting alcohol expected to pocket hundreds of pounds in just over four weeks, according to our new calculator.
As the cost of living bites, taking a month-long break from alcohol could significantly reduce your outgoings, helping you get back on track financially.
How much are you spending on booze each month?
Like many other things, the price of alcoholic beverages has been impacted by inflation over the last 12 months. Latest figures from the Retail Price Index revealed that the average price of a pint of lager has risen by 12.5% in the last year, with ‘drinkflation’ in the UK meaning you may also be paying more for less.
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How much am I spending each month on alcohol?
According to DrinkAware, 57% of adults drink up to 14 units of alcohol per week – around six pints, or six 175ml glasses of wine.
However, with Christmas revealed as the peak season for drinking, almost two-thirds (61%) of Brits admit to having overindulged with alcohol over the festive season, paying the price for consuming their normal weekly intake (14 units) on Christmas Day alone.
To establish how much the average Brit could save – or is spending – each month on alcohol, UK Debt Expert has gathered information on the common price of alcoholic beverages from one of the largest pub chains in the UK to create a handy calculator.
Brits are spending hundreds per month on alcohol
By having a new year detox, UK Debt Expert found that the average person drinking six pints of lager a week could save around £130 in a month, should they ditch the booze, and wine drinkers can expect to pocket a similar amount, at £142 for six large glasses of wine, or £125 if you prefer prosecco.
If you like to indulge during the week, UK Debt Expert found that enjoying ten pints of lager could mean shelling out around £216 each month, an easy bill to build up if you’re used to popping in for one after work.
If you’re more of a gin and tonic fan, ten single servings on a Saturday night might set you back roughly £60 per week – just shy of £240 per month.
Considering that the average cost of private rent in England is £825 a month, quitting alcohol for Dry January could save you the equivalent of a week’s rent on average (£206) – helping you get back on track financially after Christmas, as the cost of living bites.
It’s not just alcohol itself you’ll be spending less on, though, by cutting down, but also all the subsequent costs like drunken impulse spending, takeaways and hangover food.
Like any social expense, it’s crucial to be aware of how much the cost of alcohol can add up and stick to your budget. As festive season socialising winds down, taking Dry January – or any other month – as an opportunity to save may help to avoid falling into debt and get on track financially in the new year.
If you’re struggling with the rising costs of socialising and everyday items, you’re not alone. Get in touch with the team at UK Debt Expert, where we can discuss the options available to take back control over your debt.
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Methodology
UK Debt Expert looked at the cost of alcoholic beverages in 30 pubs across the UK to create a national average of popular drinks.
The calculator factors in how much you are likely to drink per week, and then brings up a savings figure per week and per month.
