Experts agree that cutting back on alcohol can do wonders for your health, but for renters and homeowners, cutting back on the booze can have another added benefit: a bolstered bank account.
“Cutting out booze for a month may seem like a health initiative, but it’s also a great idea for your finances,” says Blaz Korosec, licensed real estate agent and founder at Investorade in Dallas.
Case in point: Dry January, the monthlong challenge to cut alcohol out of a person’s diet, has come to a close, and according to research firm Numerator, more than 1 in 4 alcohol buyers took part.
Millennials were the most likely to participate, Numerator’s data shows—meaning many could be heading into February with noticeably fuller bank accounts, just as winter weather keeps people indoors across much of the country.
How much you might save if you skip alcohol for a month
According to research compiled by Pennsylvania State University, the average millennial consumes about four drinks per week. Let’s assume a typical millennial participated in Dry January, cutting those four weekly drinks out of their routine.
If you’re living in an expensive city like Miami—where cocktails can range in price from $9 to a whopping $29—the cost can really add up. Over the course of a month, you might spend anywhere from $100 to $500 hitting up the bars.
Even if you drink at home, while you’ll admittedly spend less, buying two 1.5-liter bottles of Barefoot wine each week from Walmart for $14 a pop still totals $112 per month. That’s not nothing when you’ve got housing bills to pay, like HOA fees, insurance, and even utilities.
Speaking of utilities, around the country, customers are getting sticker shock when they open their monthly bills. Since September, residential electricity rates nationwide increased by 7.4%, according to the federal Energy Information Administration.
In the past year, U.S. electric bills rose 13% in 2025. As of November 2025, the national average for monthly residential electric bills was $169.80, but in places like California, Connecticut, and New Jersey, the average was well above $500.
Could these savings realistically cover a month’s utilities?
So then, let’s do the math.
Let’s consider a hypothetical renter in New York City who typically goes out for four cocktails a week, about 20 drinks a month. In a city where mixed drinks routinely run around $18 to $22 each, skipping alcohol during Dry January could translate into roughly $360 to $440 in savings in just one month.
The average residential electric bill in November 2025 for New York was $236.80, so that savings alone could be enough to cover February’s electricity bill, with money potentially left over to chip away at other essentials like internet service, a parking spot, or even a grocery run.
The point is, whatever you do with the extra funds, be smart about it. You can either save the money for another electricity bill or use it to build your emergency fund, pay down debt, or save for retirement.
Caleb Reits, real estate agent at City Lights Home Buyers in Grand Rapids, MI, points out that the savings aren’t always in the drinks.
“Put the money you save toward something meaningful. Something that will improve your quality of life,” says Reits.
“One night out that snowballs from a few drinks at the bar to what looks like a shopping spree is where people see the major impact on their savings,” says Reits.
How to save on electricity after Dry January
An alcohol-free month is one way to make your electricity bill more affordable. Here are a few other tips that can help as well:
Shop around
Not all energy providers are created equal. Do your research and find a company that offers competitive rates. You may also switch from a variable- to a fixed-rate plan or even a time-of-use plan, depending on your lifestyle.
Invest in a home energy audit
A home energy audit can uncover where and how your home is leaking energy. It can also give you insights into which energy-saving measures to take. While it may run you between $200 and $700, the knowledge you’ll likely gain can be invaluable.
Insulate your home
While it does take some effort and materials, insulating your home is a cost-effective way to save on energy. Focus on your attic, and then move on to your basement, crawl space, walls, floors, and ceilings.