Excessive alcohol consumption can lead to many harmful accidents and consequences not only for the individual drinker but also to the people surrounding them and the society. Extreme alcohol consumption has many adverse economic effects besides the money spent on purchasing alcohol. Like lowered wages because of the work missed from absenteeism, lost employment, increased medical expenses, legal costs of offences committed under the influence, decreased eligibility of loans and sometimes even increased interest rates. Apart from these traffic accidents, workplace-related problems, family and domestic issues, interpersonal violence, etc. All these issues that might look like social issues but it can also indirectly affect your financial stability.
Alcohol Dealing, in general, costs you a lot. Getting addicted can be an even further matter. Too much alcohol consumption can have many adverse effects on a person’s life and lead to serious financial issues. Following are some of the issues from alcohol abuse due to which people can fall into financial crises.
- Impulsive Purchases:
When People are under the influence, their inhibitions are lowered, and they are more likely to do impulsive shopping. Impulsive shopping can make people buy unwanted things. People under the influence are likely to spend more money on the bar or any place because they are not thinking straight. And with online shopping, the “beer goggles” effect makes everything extra attractive, due to which they buy whatever they like. If this behaviour continues, it can harm your finances, which can ultimately increase your expenses more than you have planned.
- Decrease in Working potential:
When people get addicted to alcohol, they are likely to give a low performance at their work too. This decrease in productivity at work can affect their credibility. Finances are more than just your earnings; it also includes your learning potential. Students who binge drink are likely to get lower grades that have a negative effect on their work life in future. Even employees that are likely to be stuck under the addiction of alcohol are likely to be prone to more absenteeism than ordinary people, which can affect their incomes. Apart from that, extreme alcohol consumption can lead people out of their senses to focus on anything else. In such a situation, they cannot even support themselves, let alone anyone else.
- Increased Medical expenses:
The habit of excessive drinking can also lead to serious health problems that need to be treated like cardiovascular illnesses, pneumonia, cirrhosis, pancreatitis, and different forms of cancer. People who have to get treatments for alcohol-related conditions are likely to have copays, lost wages and transportation costs. With low income, your social security contribution and retirement accounts also lessen.
- Insurance Expenses :
Apart from these issues, many other minor consequences can increase your expenses than usual. If you don’t know it yet and are wondering that will car insurance rates increase after a DUI? Then the answer is yes. If you are ever caught or are convicted of driving under the influence, then there are chances that car insurance rates can increase dramatically. And not only that, after being convicted of DUI, you then need to start to find out What does SR-22 insurance cost? Because you’d likely have to carry an SR-22 after the conviction to show proof of DUI financial responsibility.
- Increased Debt:
Alcohol consumption can also lead to increased debt in numerous ways, including increased credit card bills from paying extra expenses than income and being unable to pay their credit card bills since their income is lowered from before. Another factor can be forgetting to make payments because of being under the influence and then paying penalties for late payments. Most families have a base income under which they have to manage their expenses; if this base is shaken and the gap between the earnings and expenses increases, this will lead to financial instability.
Excessive consumption of alcohol can affect all the areas of an individual’s life and the lives of the others surrounding them. Not only that, but there are also negative consequences of many other factors like accidents, poor work performance, lower income or wagers, increased expenses, legal fees, increased medical expenses, and many more. The cost of alcohol consumption in itself is too high, and bringing the cost of other factors that can push a person into financial crises is high too. Therefore try to limit your consumption to get both the pleasure of life and don’t ruin your financial well-being.