Alcohol and your finances

Alcohol is an expensive habit, and if not managed carefully, can lead to serious financial consequences. Research suggests that the average UK adult spends around £800 a year on alcohol, which adds up to approximately 4% of their disposable income. That’s a significant chunk of change that could be used more productively elsewhere.

Consuming too much alcohol can also increase your risk of developing health problems such as liver disease, cancer or mental illness – all of which can cost you even more money in medical bills or time off work.

It is important to be aware of how much money you are spending on alcoholic beverages each month and ensure it isn’t hurting your finances. Here are some ways to help manage your finances if you are drinking too much:

– Track your spending. Create a budget for alcohol and stick to it. Make sure you know how much money you’re spending on drinks each month so that you can stay within your limits.

– Set a limit. Decide how many drinks per week or month are acceptable, and try to keep track of how many drinks you have consumed in any given period.

– Drink more slowly. Sipping slowly not only helps prolong the pleasure of drinking but also reduces the amount of alcohol you consume over time, resulting in less expense.

– Consider alternatives. Instead of buying expensive alcoholic beverages, consider opting for lower-cost options such as canned beer or wine.

– Find sober activities. Drinking alcohol can be expensive, so explore other options such as going to museums or the park with friends and family. This will not only save money but also provide a much healthier environment for fun and relaxation.

By managing your finances better when it comes to drinking, you can ensure that alcohol does not become a financial burden that could affect your future. It is important to remember that moderation is key – both in terms of how much you drink, and how much you spend!

49 steps to take to avoid overspending and abusing alcohol.

1. Know your limits: Set a reasonable limit for how much you can spend on alcohol and stick to it.

2. Track your spending: Make sure you’re aware of how much you’re spending each month on alcoholic beverages by tracking it in a budget or app.

3. Pay attention to the price: Don’t be tempted by expensive drinks when cheaper alternatives are available.

4. Limit your visits to pubs and bars: Regularly going out for drinks is one of the quickest ways to blow your budget, so try to limit the number of times you go out each month.

5. Get creative with recipes at home: Create interesting mocktails or cocktails using ingredients you already have at home. This is a great way to save money and still enjoy some drinks with friends.

6. Drink slowly: Enjoy your drink by sipping it slowly to reduce the amount of alcohol consumed per night.

7. Eat before drinking: Eating beforehand helps slow down the absorption of alcohol, so try to eat regular meals when consuming alcohol.

8. Alternate between alcoholic and non-alcoholic drinks: Keep track of how many alcoholic drinks you’ve had by alternating them with water or other soft drinks throughout the night.

9. Limit yourself to one drink per hour: Pace yourself by limiting yourself to only one alcoholic beverage every hour and make sure it’s not an extra strong drink.

10. Consider cheaper alternatives: Opt for lower-cost options such as canned beer or wine instead of more expensive drinks.

11. Make use of happy hour specials: Take advantage of happy hour specials that are offered by some bars and pubs to save money on drinks.

12. Avoid drinking every day: Try not to drink every day, as this can quickly add up in terms of cost and also impact your health negatively.

13. Find other ways to relax and have fun: Explore other activities such as going for walks, playing sports, or visiting the park with friends and family – all of which don’t involve alcohol consumption or spending extra money.

14. Take a break from drinking: Give yourself a break from drinking now and then to ensure that you are not overspending on alcohol.

15. Set a budget for liquor store trips: If you do decide to buy alcohol from the liquor store, set a budget and stick to it.

16. Be mindful of your behaviour when drinking: Keep track of how much you’re drinking and remain aware of your behaviour while intoxicated to avoid potential consequences such as legal fees or medical bills resulting from reckless activities.

17. Don’t drink if you don’t have money: Avoid drinking if you don’t have enough money to pay for it – this can result in both financial stress and health complications down the line.

18. Don’t be afraid to turn down drinks: Don’t be afraid to politely refuse drinks offered by others to save money and also protect your health.

19. Take advantage of discounts: Look out for discounts on alcoholic beverages or keep an eye out for happy hour specials that offer discounted prices.

20. Avoid peer pressure when it comes to drinking: Don’t let peer pressure influence you into overspending or drinking more than what is comfortable for you.

By following these steps, you can avoid overspending and abusing alcohol while still enjoying the occasional drink with friends and family. Taking control of your finances is key to ensuring a healthy relationship with drinking!

Conclusion

Consuming alcohol can be enjoyed in moderation, but it is important to stay mindful of your finances and health when drinking. By tracking your spending and setting limits on how much you drink, you can avoid overspending on alcoholic beverages while still enjoying a few drinks with friends.

Keeping these tips in mind will help you strike the perfect balance between having fun and staying financially responsible!

With that said, remember to always drink responsibly!