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Dollar Saver Tip #23


Save: $1,971

Tip overview:

The cost of alcohol has risen over the past 12 months, but by cutting out booze (or even cutting back) you could save almost $2,000 a year.

Rebecca here, one of our money experts at Finder. The rising cost of living is hitting Australians hard, but there are a few non-essential items we could cut back on to save some cash.

For example, alcohol and tobacco might be a good place to start after prices went up by 4.4% in the year to December 2022.

Did you know?

A Finder survey of 1,085 Australians found that 2% (the national equivalent of over 400,000 people) were planning to quit drinking in 2023.

More than half of those kicking the booze were millennials. According to Finder's recent cost of living report, 60% of that generation are experiencing financial stress and 89% are having to reduce their spending on at least 1 expense – so why not alcohol?

The average Australian is thought to spend about $38 a week on alcohol, which means you could save $1,971 over the year if you gave up for 12 months.

The savings could be much higher for many of us too, with the Australian Bureau of Statistics reporting that 1 in 4 Australian adults exceeded the official guidelines on alcohol consumption in 2020–2021.

So what do you do with all that money you're saving once you've stopped buying booze? Your non-discretionary spending comes first, of course. That covers your bills, rent or mortgage and your groceries.

But if you have anything left over, be sure to stick it in one of the great savings accounts on offer at the moment with a high interest rate to turn your savings into even more savings.

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