Don’t Let ‘The Hangover 3′ Happen to You: The Many Financial Consequences of a Crazy Night of Binge Drinking

Posted in Savings Account • May 21, 2013

A lot can go wrong in a single night of drinking — and that’s before you even start chugging down your favorite hangover remedy.Your future savings can be threatened by the poor decisions made while under the influence of alcohol.

On the week of The Hangover 3 release, we sat down to talk with professional psychologist Dr. Suzana Flores to discuss the potential consequences (and costs) of your next hangover.

Financial Consequences of Drinking

Dr. Flores is by no means saying that you should never go out and drink and party. You should, however, be mindful of the consequences, including what they might mean about your psyche. “Systematic drinking over time will make you depressed,” warns Dr. Flores.

She also cites the anecdotal evidence of a friend who had a drinking problem. “She could drink wine and beer and be fine. Once she started drinking gin, it became a whole other matter. She couldn’t tell when it was too much.” This can lead to a pattern of self-sabotaging behaviors, including losing valuable objects.

Losing Your Wallet

The doctor believes that one reason people lose their wallets is because it’s one of the things that’s in your hand the most. It’s not just the money in your wallet that you should worry about losing, however.

In our increasingly cashless society, people carry more and more plastic. This means that you might potentially lose thousands of dollars. One solution that will help you avoid hangovers and the effects of lost credit cards? “Leave the plastic at home,” says Dr. Flores. “Go out with a certain amount of money. When it’s gone, you’re done.”

Losing Your Keys

This is another thing that people lose a lot because they carry it in their hands so much. “Your coordination goes when you drink,” says Dr. Flores. “You just put it down for a second and then you lose it.”

Losing a set of keys during a night of heavy drinking means you’re going to have to pay for a locksmith. You might also have to get the locks changed, which could run you upwards of $200. The solution? “If you can’t trust yourself drinking with [your key], give it to someone that you can trust and tell them not to lose it.”

Frivolous Spending

It’s a common mistake people make when they drink: Purchasing things that they really don’t need. This might be just buying too many drinks, which will cause your hangover to be even worse. Or you might even buy a giraffe — never a good move. After all, they eat a lot.

One way to combat this is to, like Dr. Flores says above, leave your plastic at home. If you’re only carrying cash, there’s a finite amount of money that you can spend. “Alcohol reduces inhibitions, all inhibitions, including spending,” she points out.

Drunk Driving Consequences

Another poor decision made all too often by those under the influence is choosing to drive. Drunk driving consequences can not only include harming yourself or someone else, but a DUI can easily set you back $10,000 or more. Not to mention, getting caught driving under the influence can put things like your family and job in jeopardy as well.

How Will This Affect Your Job?

Finally, consider the less direct impacts of excessive drinking. You might be worried about the cost of missing a day of work, but Dr. Flores believes you might have more pressing concerns, like losing your job completely.

“When you go into work, your attitude has a lot to do with it. Sometimes people with low self-esteem will sabotage their careers with bad decisions,” she says. The point, again, is not that you should never go out and party. Rather, Dr. Flores believes that need to examine patterns in your life. ”As a consequence of your drinking, you’re showing up late. Without the awareness of what you’re doing, you’re probably going to lose you job.”

While there’s no doubt a wild night out on the town can be a welcomed break to the monotonous day-to-day, don’t forget that your actions have consequences — in this case, potentially severe financial ones. And if you do choose to go out and party like an extra from the cast of Hangover 3, expect to face a financial hangover in the morning.

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