How Your Drinking Habit Affects Your Financial Well-Being

How Your Drinking Habit Affects Your Financial Well-Being

by Shae H

Having a drink or two with friends is generally no cause for concern. However, having several drinks in a night or drinking on a regular basis could be. Excessive alcohol consumption could have a significant impact on both your physical health and your financial health. Here’s a look at how to play it safe when it comes to your wallet and alcohol and when you should be concerned.

How Physical Health and Financial Health Are Related

If you are in poor health, it may mean you spend more money on medication, trips to the doctor, and medical procedures. Those who are in poor financial health tend to be more stressed than others, which could cause even more physical problems. Those who have a drinking problem tend to have health problems such as neuropathy as well as a lack of nutrients because of a poor diet. While they may seem unrelated, having poor health overall can be a strain on your financial well-being.

Alcoholics Tend to Have Spotty Employment Histories

Someone who has a drinking problem may not be reliable enough to employ for a long stretch of time. Those who do find employment may find themselves in part-time jobs or those that don’t pay much and may find it difficult to pay their bills or otherwise obtain financial security. Even if an alcoholic does find and retain a good paying job, most of the money made may go to alcohol purchases. If you find your drinking habits are affecting your job or employment opportunities it might be time to think about a change.

Legal Issues May Cost Money

Drunk driving is dangerous even if a driver is able to get home without causing an accident. Those who are caught driving under the influence may have to pay legal fees as well as a fine. In some cases, a DUI charge could result in prison time, which can greatly affect employment, financial health, and more. Drunk driving is never worth the risk.

You May Lose Your Children

Parents who struggle with a drinking problem could lose custody of their children in very severe cases. This could cause further financial issues, not to mention emotional turmoil. In most cases, the law requires a legal parent to provide for the child even if he or she can’t see a son or daughter. Although child support is generally based on how much a parent can afford to pay, there could be serious consequences for not doing so.

Although alcoholism is a hard disease to overcome, there may be a financial upside to doing so. In addition to money saved by no longer buying alcohol, it may make it easier to find work, avoid legal fees, and keep more of the cash and assets that you currently have.

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