How Drinking Wrecks Your Finances

How Drinking Wrecks Your Finances

It’s called the “latte effect” – seemingly-insignificant purchases that add up when they are made every day. That $5 coffee may not seem like too big of an extravagance, but over the course of a year, that’s more than a round-trip flight to Paris.

 

 

They same can be said about drinking.

If you are like most people, you probably have no idea how much money your drinking is costing you. Depending on their drink of choice, the heaviest tipplers can spend up to 14,000 a year on alcohol.  And that’s just drinking at home.

Now that trip to Paris includes a first-class ticket and two weeks at a 5-Star hotel, with money left over for shopping.

Puts it in a different perspective, doesn’t it?

The Hidden Costs of Drinking

But that’s just the direct cost. Drinking hurts your finances in other ways that you probably never even considered.

  • Loss of work productivity – Not just absenteeism, but also presenteeism, the unproductive habit of coming to work sick. Missing too much work or doing too little while you are there will definitely impact your career and your finances.
  • Impulse Spending – Drinking increases impulsivity, meaning you’re more likely to spend/waste money that you didn’t mean to, whether it’s buying a round at the bar or purchasing something off the internet at home. The average American spent over $700 drunk-shopping online last year.
  • Smoking85% of people who are addicted to alcohol are also dependent on nicotine. In California, a pack-a-day habit costs around $3000 per year.
  • Debt – There is an established link between risky drinking and high credit card debt.
  • Medical Expenses – Heavy alcohol consumption compromises the immune system, making it more likely you will suffer from colds and infections. But chronic alcohol abuse can also lead to a host of health problems, including heart disease, stroke, brain and organ damage, pancreatitis and cancer.
  • Legal Issues – Abuse alcohol long enough, and you are bound to experience some kind of legal problem – DUI, Public Intoxication, Theft, Assault, etc.. If you are found guilty of a DUI in Southern California, it can cost you over $15,000.
  • Life Insurance – If you have a history of alcohol abuse within the past 5 years, your life insurance premiums could skyrocket, or you could even be denied coverage altogether. For example, a 40-year-old risky drinker wanting a $250,000 term policy can see his premiums jump by 75%.

What Does All of This Mean to San Diego Residents?

The biggest takeaway from this information is THIS—if you are worried about your alcohol use and you have been putting off seeking treatment because you think that you can’t afford it, the truth is, YOU CAN. In fact, if you have health insurance, there may be little or no out-of-pocket expense.

San Diego residents spend more money on alcohol than any other city in America. That means that it is entirely possible that you or someone you care about has a drinking problem. If that is the case, Lasting Recovery is your best resource in Southern California. As the top alcohol rehab program in San Diego, Lasting recovery can help you become the best YOU possible when you successfully regain your sobriety.

Lasting Recovery – “Where Wellness Begins…”