As we head into 2023, many people will see the new year as a chance to hit the reset button. December often involves more food, more drink, and, ultimately, more spending.
As a result, millions of Brits take part in Dry January every year – which involves going totally cold turkey on alcohol for 31 days.
Quitting alcohol has a number of benefits, including helping your mental wellbeing and improving your quality of sleep and concentration. But, this year, amid rising inflation rates and the cost of living crisis, saying no to booze may also benefit your bank balance, too.
In fact, according to AlcoholChange, which founded Dry January in 2013, 86% of participants save money each year. Depending on where you live, the cost of a pint of beer in a pub can fluctuate, but if you’re guzzling it down weekly, it soon adds up no matter how much it costs.
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How much am I spending each month on alcohol?
Like any other beverage, alcoholic drinks have been impacted by inflation in the last 12 months. The latest figures from the Retail Price Index revealed that the average price of a pint of lager has risen by 6.5% in the last year.
According to DrinkAware, 57% of adults drink up to 14 units of alcohol per week – around six pints, or six 175ml glasses of wine.
Creditfix gathered information on the price of common alcoholic beverages in one of the largest pub chains in the UK. With this, we established just how much the average Brit could save – or is spending – each month on alcohol.
We’ve created a handy calculator that shows you just how much you can save per week and month based on your own personal alcohol consumption. Just tell us how many pints, glasses of wine or spirits you drink a week when in bars and restaurants, and we’ll work out how much you could save.
How much could you save depending on how much you usually drink?
Brits are spending hundreds per month on alcohol
Our research found that someone drinking six pints of lager a week is spending around £105 per month. For those who prefer gin and tonics, six single measures could set you back £48 per week – just shy of £200 a month.
As the cost of living bites, those who do Dry January could expect to save hundreds of pounds. And, using the Bank of England’s inflation calculator, the price of six gin and tonics has increased by almost a quarter in the last ten years – from £149 to £192.
Like any social expense, it’s important to be aware of how much the costs of alcohol can add up and stick to your budget, whether it’s Dry January or another month.
If you’re struggling with the rising costs of socialising and everyday items, you’re not alone. Get in touch with the team at Creditfix where we can discuss the options available to take back control over your debt, including an IVA.
Methodology
We looked at the cost of alcoholic beverages in popular UK pub chains, where it was applicable.
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.
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