Can Dry January help you save money? Financial coach shares tips for starting 2024 off strong
People spend a lot of money on going out to bars and clubs or restaurants and brunches. Depending on where you live, you can expect to spend anywhere between $5 and $15 per drink. This adds up quickly over time. Not to mention the alcohol that is purchased to take home.
In 2023, the revenue in the Alcoholic Drinks market in the United States amounted to approximately $196.6 billion and is expected to be $204 billion in 2024. This figure provides a comprehensive view of the total spending on alcoholic beverages by consumers in the U.S. for that year. This impressive figure encapsulates the total consumer spending on alcoholic beverages across the country for that year. It represents a comprehensive aggregation of sales from various market segments, including beers, wines, spirits, and newer categories such as hard seltzers and pre-mixed cocktails. This revenue not only reflects the sheer volume of alcohol consumption but also mirrors the diverse drinking preferences and habits of the American populace. The influence of demographic changes, evolving consumer tastes, and trends in beverage consumption have played a crucial role in shaping this market. Additionally, the growing popularity of niche products like craft beers, artisanal spirits, and health-conscious options such as organic wines or low-calorie drinks have significantly contributed to these dynamics. Economic factors, including levels of disposable income and consumer confidence, are also key drivers that impact spending in the alcoholic drinks sector.
During the month of Dry January, people are seeing the benefits of skipping out on spirits, both healthwise and moneywise.
“The average person spends anywhere from $600 to $1500 a year on alcohol. If you give yourself the gift of Dry January, you can easily save and put your money towards your health, home, or, better yet, your investments. Some may take that money to buy themselves a gift, go to a special event, or even have a massage, which is a rewarding way to take care of yourself. Others may take that money and organize a room in their home or garage. This extra cash infusion helps them focus on what they had put off due to their previous budget constraints. Others may still choose to invest this extra cash in the future. So, a hot stock tip or adding already to your investment strategy can give you more investment opportunities. Being the sovereign of your financial future gives you the economic confidence you deserve, and by finding ways like Dry January to save money here and there, you can establish healthy habits that help you pursue your long-term financial goals,” shares Jeannie Dougherty, Finance Coach.
Dry January can save people money, and they can take the concept of Dry January to cut down on alcohol all year long and save a lot of money.
Jeannie Dougherty is a certified money coach, counselor, mental fitness coach and speaker. She works with businesses, individuals and couples to help them find better ways to reach their goals She graduated with a Master’s degree in Counseling from Ottawa University and graduated from the Money Coaching Institute as a Certified Money Coach for Individuals, Couples and Businesses. Jeannie offers her clients a holistic approach that prioritizes long-term success.
However, movements like Dry January offer a contrasting perspective, underscoring the financial and health benefits of reducing alcohol consumption. Finance Coach Jeannie Dougherty points out the potential savings individuals can realize by participating in such initiatives. Dougherty explains. This approach can extend beyond just one month, encouraging a year-long perspective of mindful spending and investment in one’s financial future.