The Hidden Cost of Drinking: How Cutting Back on Alcohol Can Boost Your Savings

If you think about it, it kind of makes sense. There are a lot of savings that can be made if you decide to stop or cut down on drinking alcohol; the obvious being money saved not buying alcohol. The average price of a pint of beer in the UK is £5.17 and you can expect to pay a minimum of £20 for a bottle of prosecco when out and about.
The urge to splurge on convenience food and takeaways is reduced if you’re not trying to battle a hangover. We’ve all done the Domino’s order or corner shop dash buying biscuits, chocolate, crisps – anything beige to help us feel half human again.
Late nights cabs and Ubers are redundant if you can drive. Also, bonus – you’re in control of your leaving time if you love a backdoor boogie.
If you’re the people pleaser within the group, alcohol could amplify this further. Buying rounds of shots, bottles of celebratory champagne. Are you the person shouting “the drinks are on me!”?
Drinking in group situations can sometimes encourage us to spend impulsively. Girls trip to Ibiza? Weekend to London? Group trips and flights can be booked quickly when people are feeling impulsive and lose their inhibitions.
Do you get tap happy on a night out? Long gone are the days when you’d draw out cash from the machine and that would be your ‘spends’ for the night. Having a debit card can remove the friction meaning it ‘feels’ like free money.
Tip: Try a cash only night out to see if you can stick to your planned budget.
Reflect on your money personality once you’ve had a drink or two. Does your impulsive spending increase? Do you have money regrets?
Share with the Financielle community in the app your experiences with alcohol and your spending habits.
If you want help reducing your alcohol intake or to stop drinking altogether head to drinkaware.co.uk