The Financial Cost of Alcohol Abuse and Addiction

Most people addicted to alcohol are often oblivious to the problems associated with excessive drinking. The cost of alcohol abuse to your finances and social wellbeing sometimes goes unnoticed until it is too late. Hence, if you consume alcohol a lot, you have to get acquainted with some of its adverse effects on your wealth.

In this article, you will learn how alcohol addiction and abuse influence your finances. You may also realize how bad things can go if you don’t stop drinking excessively. If you find you are abusing alcohol, get enrolled for addiction treatment before it gets worse. 

How Much Do You Spend on Alcohol?

The most obvious cost of alcohol abuse to your finances is the amount of money you spend on it. When you visit bars, you spend about $5-$9 on a drink. When you buy two bottles three days a week, it means you spend $120-$216 every month on drinks. If you are an excessive or binge drinker, this number easily doubles. 

If you don’t visit bars and prefer to drink from home, that can also get expensive. When you buy a six-pack of beer, you spend $5-$15. Depending on the way you drink, you may finish two or three packs in a week. If you prefer wine, hard liquor, or other brands, they usually cost more.

From this analysis, it is evident occasional drinking has minimal impact on your finances. However, when you begin to drink more frequently, it becomes a problem. You must understand the financial cost of alcohol abuse does not stop at the money you spend on buying it. You risk facing graver consequences if you don’t stop the habit now. 

Financial Risks of Alcohol Addiction

When you drink excessively, you end up costing yourself and your country money. You may not know it, but there are far-reaching consequences of your abuse of alcohol. Some of these consequences may include:

  • Reduced Productivity at Work
  • Motor Vehicle Accidents
  • Healthcare Expenses
  • Criminal Justice Expenses
  • Family and Marital Troubles

Take a look at how alcohol abuse and addiction leads to these problems.  

Reduced Productivity at Work

Excessive consumption of alcohol will lead to absenteeism at work. Most alcohol addicts spend their mornings nursing hangovers. If you are a worker, this will cause you to be absent from work most times or go late to work.

Excessive drinking also causes presenteeism. In this case, you are present at work but not efficient because your mind is far away. This leads to a reduction in your work productivity. When this happens, you may receive a query, or worse.

Such an outcome leaves you in a terrible financial situation. This is because you will no longer have a basic means of income. When this happens, you find yourself facing more pressure, which was once avoidable. 

Motor Vehicle Accidents

This is another example of how drinking affects your finances. When you drink excessively, you lose some level of control of your actions and reactions. Driving at this time may lead to road accidents. In the best-case scenario, there may be significant damage to property. However, in extreme cases, motor accidents may result in fatalities.

Other possible outcomes include extensive injuries and many legal fees. You may require the services of a DUI lawyer to represent you in court. It may even result in jail time! Before opening another bottle, think about all of these. 

Healthcare Expenses

Alcohol abuse and addiction lead to many health problems. These include anemia, cardiovascular diseases, dementia, cirrhosis, and cancer. Others include seizures, high blood pressure, heart and kidney problems, etc. If you come down with any of these illnesses, you may spend a lot to treat them. 

This is another reason that shows why alcohol is bad for your finances. If you think you have an alcohol problem, spend money on treating yourself. Find an alcohol addiction treatment near you and save yourself from huge future expenses. 

Criminal Justice Expenses

Driving under the influence of alcohol will lead to heavier expenses. Once authorities catch you for this, you can end up spending up to $20,000 or higher. You will incur higher charges if you damage the public or private property. The stakes are higher if you commit manslaughter. Aside from that, you will also spend more if authorities deem you in need of alcohol abuse treatment. 

Home and Marital Troubles

Yet another answer to why alcohol is bad for your finances is its effect on your home and family. If you are suffering from alcohol addiction, one symptom you will show is poor money management. Drinking leads to you making poor financial decisions. You may find it hard to control yourself when something tempts you. 

As a result, you abandon your budget limits and go on a spending spree. You buy things you do not need. You may gamble more and lose all your money. In short, drinking makes you forget your priorities and responsibilities. 

Now, when you fail to manage your finances, you may fall into depression and stress. In your desire to escape from these, you drink more, worsening the problems. All in all, you end up spending more on alcohol than you should spend on your home and family. 

This is one major cost of alcohol abuse: the neglect of one’s responsibilities. Most binge drinkers will spend their salaries on alcohol within a few days. In most cases, this causes their family to struggle with basic amenities. 

You may find it difficult to pay your bills, rent, not to mention savings. In extreme scenarios, you may end up losing your house and your children’s education suffers. Your partner may seek a divorce, you may lose your job and face a hostile living environment. 

Is Alcohol Abuse Putting You in Financial Danger?

You may think it is just another bottle, but the consequences of alcohol addiction warrant a more serious thought. Before you take another bottle, do well to consider all of these. Take a moment, check your finances, and ask yourself the following:

  • How much do I spend on buying alcohol at home or in the bar?
  • How much do I spend on purchases when I am under the influence of alcohol? 
  • Do I handle my home and family responsibilities well enough?
  • Do I call work saying I will be absent? Was it due to a hangover? Has it occurred more than once?
  • Am I treating a particular sickness caused by alcohol abuse?

The answers to these questions will show if you may have a drinking problem. When you consider these and other things, you will understand how alcohol abuse affects your finances. Hopefully, it will lead you to take measures to help yourself and stop your alcohol addiction. 

Conclusion

The cost of alcohol abuse to your finances is very far-reaching. After reading this, you will undoubtedly know the dangers your financial stability faces if you don’t curb your excessive drinking habits. 

Do you have a drinking problem? Is it affecting your finances and lifestyle? Do you think you need professional help to stop drinking? 

We can help you get better. Addiction Healing Centre offers topnotch and professional alcohol addiction treatment services. Call (888) 508 9802 to speak with one of our experts today.