Alcohol is expensive. While there may be a debate that not all alcohol is intrusively costly, the long-term costs of alcohol consumption eventually become unsustainable. On a night out, a drinker may spend several hundreds of dollars on alcohol and other “entertainment” expenses, and when this gets added up, this could become tens of thousands of dollars every year. While out for drinks, it may be challenging to grasp the full implications of alcohol consumption, mainly because the bill may not seem substantial. Read on to know the financial advantages of quitting drinking:
1. Increased Savings
Quitting alcohol is a brilliant idea for improving your financial health since you can get increased savings. For instance, suppose you pay a one hundred dollar alcohol bill every week; after a year, this becomes $5200. Having that amount of money saved up in your account could prove critical, especially in an emergency.
2. Better investment judgment
Alcoholics will barely make any sound investment decisions, leading to financial ruin. It is not uncommon to find an alcoholic who has not undergone any significant personal and economic growth due to addiction. Usually, alcoholics stagnate financially, and you will often see them with the same clothes, shoes, and devices such as broken mobile phones for years because they do not prioritize changing these items.
All the spare money they can find goes to buying alcohol, making them miss out on investment opportunities that can significantly improve their lives. Once you stop drinking, you can make better investment decisions with more mental clarity and more available capital.
3. Less impulsive spending
Alcohol consumption goes hand in hand with impulse spending. Usually, when you have become inebriated, you have less inhibition and are likely to make unwise financial decisions. For instance, most drunk people are likely to buy alcohol for strangers at the bar. Additionally, an alcoholic is more likely to make purchases they do not need but do so only because they are impressed by the item at the moment. Impulse spending could lead to massive losses in addition to straining relationships with loved ones.
Alcoholics could even take loans and sell personal and household items to maintain access to alcohol. Avoiding alcohol will help prevent more impulse financial decisions and clarify when making purchases and other major financial decisions.
4. Less wastage of time
As the old saying goes, time is money. Drinking typically is a time-consuming activity, which can become troublesome if done in excess. On average, a drinking spree will take a whole evening, which could compound into a lot of time if an individual is a habitual drinker. When one drinks a lot, they will eat into time meant for work, or business, adversely affecting their financial well-being.
When you attend work while nursing a hangover, you have limited output, and compounded, it will lower your overall productivity. The eventuality of reduced productivity is a demotion or even termination, which will cut off the individual’s source of livelihood. Quitting drinking will inevitably help you get more work done, and with more time available, you can learn more things or participate in more income-generating activities.