The trend that could save you nearly £70 this October

Back in 2014, Macmillan Cancer Support announced a new money-raising campaign. The idea of Sober October was for people to give up alcohol and donate the money saved to help individuals living with cancer.

Since its launch, the initiative has evolved into a global movement where drinkers give up booze for a variety of reasons, including improved mood, weight loss and better sleep. But boosting your mental and physical wellbeing isn’t the only benefit of abstaining.

Dodge the financial hangover

If you’re able to, donating the money you save by going alcohol-free is a brilliant way to support charities like Macmillan. But if you’re not in a position to give, using the money to reduce debt, build up your savings or simply ease the pressure on your day-to-day budget can make a real difference.

The average UK household spends £794 a year on alcohol, according to the Office for National Statistics. That works out at more than £66 a month, with £469 spent on drinks at home and £325 spent on nights out. So, whether it’s bottles in your shopping trolley or rounds at the pub, the savings can add up quickly.

Even cutting down helps

Not ready to go completely alcohol-free? Even reducing how much you drink could give your finances a lift. Swapping a few pints for soft drinks, or cutting out the midweek bottle of wine, could easily save you a tenner or two – and those small savings can really add up over a month.

Tips for success

Wishful thinking alone is unlikely to see you succeed in your quest to reduce your alcohol intake. Once you’ve had a drink or two, good intentions can soon go out the window if you haven’t got some solid strategies in place to help you achieve your goal.

Here are our top tips for cutting back:

Make a plan

If you’re going out, set a limit on how much you're going to drink before you start. A specific goal will encourage you to pace yourself, and you’ll feel a sense of achievement sticking to your plan.

Use cash

For a night out, limit yourself to using cash. Once it’s gone, it’s time to go home.

Tell people what you’re doing

Harness the support of friends and family. If people know what you’re doing, they can encourage you, and it adds an element of accountability.

Take it a day at a time

Celebrate every booze-free day as a success. Hitting goals will spur you on.

Mine’s a small

Swap a large for a small wine, a pint for a half.

Alternate with water

Have a glass of water after every alcoholic drink. Your head will thank you in the morning.

Designate booze-free days

If you’re cutting down rather than cutting out, it’ll benefit your health and your bank balance to have at least three booze-free days a week.

How much you’ll save

The monthly alcohol spend of over £66 is based on an average household (2.3 people). The best way to work out how much you’re spending (and could save) is by using a budgeting app. Record your spending for a few months (the longer you do it, the more accurate the result) and then work out the average. Seeing the figure in black and white can be a powerful motivator for cutting back.

Spotting other savings

Alcohol is just one area where small changes can free up extra cash. Creating a budget is a great way to see the bigger picture and spot other opportunities to save.

Try our budget planner to see where your money’s going – and where you could make other cutbacks.