The beginning of a new year is the most popular time to set resolutions, with many people choosing to give up alcohol for the first 31 days. This year, 22% of adults are participating in Dry January, which is a 5% increase from previous years according to a report by Morning Consult. Lindsey Roeschke, the author of the report, believes that this trend has lasting power.
Most individuals participating in Dry January are motivated by the health benefits of abstaining from alcohol. Some may be influenced by the U.S. Surgeon General’s recent warning about the link between alcohol consumption and cancer. Giving up alcohol for a month is seen as a way to kick-start better habits, leading to improved sleep, weight loss, and overall wellbeing.
Financial savings are also a significant factor. The exact amount you save during Dry January will depend on your typical drinking patterns and related expenses. Skipping even occasional drinks could save up to $50, while those who regularly go out may save $300 or more. Coupon Mister CEO Fred Harrington estimates that going alcohol-free for a month could save between $300 and $1,000, depending on consumption.
Saving money was the third most popular reason for participating in Dry January, according to Morning Consult. Inflation reaching its peak in 2022 has made money a top motivator for many people. Tracking your baseline spending on alcohol is recommended to understand how much you can save during the month. Consider using tools like the U.S. Department of Health and Human Services’ alcohol spending calculator to track your alcohol expenses.
Putting the money saved from Dry January to good use is essential. You can use it for a health club membership, a new exercise bike, savings, a holiday, or paying down post-holiday debt. Experts also recommend adding any extra cash to an emergency savings fund to provide a financial cushion for unexpected expenses.