Avoiding Alcohol in January: Calculating Your Savings

• Both health and economy can benefit from Dry January.
• The estimated savings for the monthlong endeavor could range from $300 to $1,000, based on consumption, according to one expert.
• For a growing number of adults, that's a top motivator.

Many people make a resolution to abstain from alcohol for the first month of the new year.

A new report by Morning Consult reveals that this year, 22% of adults are taking part in Dry January, which is five percentage points more than in previous years.

Lindsey Roeschke, author of the report, stated that it has staying power and is no longer just a trend.

Most individuals who stopped consuming beer, wine, and mixed drinks did so due to the health benefits, according to research. Some adults may be particularly motivated by the recent warning from the U.S. Surgeon General that even small amounts of alcohol can cause cancer, Roeschke stated.

Abstaining from alcohol for a month is a widely adopted method to establish healthier habits. This practice is reported to enhance sleep quality, promote weight loss, and boost overall wellness.

But the financial savings are also significant.

How much money you can save

The amount you save during Dry January will depend on your typical drinking habits and related expenses, according to Douglas Boneparth, a certified financial planner and founder of Bone Fide Wealth.

Some may save $50 by occasionally abstaining from wine, while those who frequently dine out could spend over $300, he stated.

In 2025, your paycheck may increase slightly. However, Trump tariffs may result in additional expenses for consumers.

The CEO of Coupon Mister, Fred Harrington, estimates that by going entirely alcohol-free for a month, individuals could save between $300 and $1,000, depending on their consumption.

"By abstaining from alcohol during Dry January, you can save a considerable amount of money, even if you only drink occasionally, Harrington stated."

In 2022, when inflation peaked, money became a top motivator for cutting out alcohol for the month, according to Roeschke.

The best way to determine how much you'll save by going dry is to track your baseline spending on alcohol, advised Boneparth, who is also a member of CNBC's Financial Advisor Council. Additionally, the U.S. Department of Health and Human Services' alcohol spending calculator can show how much you are spending on alcohol every week, month, or year.

The cost of a six-pack of beer from a grocery store ranges from $10 to $15, while a single cocktail at a bar costs between $12 and $18, according to Boneparth.

Boneparth stated that big-city bar prices are typically higher than those in small towns, and social habits such as weekly happy hour and weekend outings have a significant impact.

Fewer rideshares and food orders could lead to a decrease in drunk online shopping.

Roeschke of Morning Consult stated that it's not just the cost of the alcohol itself, but also the additional expenses that come with it, that should be considered.

How to put that savings to work

Harrington suggested that the money saved from Dry January could be put to good use by investing in a health club membership, a new bike for exercise, savings, or a holiday.

Alternatively, that money could be well spent paying down post-holiday debt.

Experts suggest saving extra cash in an emergency fund, as even a small amount can provide financial security during unexpected expenses.