Market Watch – With St. Patrick’s Day coming up, it may be time to party. But is it also time to banish the green beer and get serious about Irish sips?
For the growing number of drinkers who have discovered Irish whiskey in the past decade, the answer is clearly yes. The category is the fastest growing in the American spirits market — up nearly 400% since 2002 and 22.5% in the past year alone, according to the Distilled Spirits Council of the United States. And that growth is spurring a flurry of business ventures and acquisitions, often resulting in the release of new whiskeys.
Time to Rethink Your St. Patrick’s Day Drink
With St. Patrick’s Day around the corner, many people are ready to celebrate. However, this year, it might be time to skip the green beer and explore something more authentic — Irish whiskey.
The Rise of Irish Whiskey
Over the past decade, Irish whiskey has gained immense popularity among American drinkers. According to the Distilled Spirits Council of the United States, it is the fastest-growing category in the spirits market. Sales have increased by nearly 400% since 2002, and by 22.5% in the past year alone.
As a result, several companies are investing heavily in Irish whiskey. This has led to new distilleries, partnerships, and a range of exciting whiskey releases.
Discovering the Cost of Quality
Recently, I began exploring the world of Irish whiskey myself. To my surprise, I realized how much you can spend on a single bottle. Prices range from $20 for basic options to $100 or more for premium names like Middleton Very Rare or Jameson Rarest Vintage.
However, enjoying these fine drinks also means rethinking your household budget. When I used to smoke, we forgot to include cigarette costs in our budget and couldn’t understand where our money was going.
Understanding Where the Money Goes
Eventually, we discovered we were spending over $200 a month on cigarettes. Once we added that to our budget, the numbers made more sense. Similarly, it’s important to know exactly where your money goes each month.
According to Visual Economics, here’s how the average American family spends annually:
Housing (shelter): $10,023
Pensions and Social Security: $5,027
Utilities and public services: $3,477
Food at home: $3,465
Vehicle purchases: $3,244
Transportation expenses: $3,130
Healthcare: $2,853
Entertainment: $2,698
Food away from home: $2,668
Gasoline and motor oil: $2,384
Apparel and services: $1,881
Savings and retirement: $1,821
Home furnishings: $1,797
Education: $945
Household operations: $984
Miscellaneous: $808
Housekeeping supplies: $639
Alcoholic beverages: $457
Personal care: $588
Insurance: $309
Reading: $118
While these numbers differ for everyone, they give a clear idea of how spending adds up.
Adding a New Budget Category
Just as we added cigarettes to our budget years ago, we’ve now included a liquor section — my Irish whiskey and my wife’s wine. It helps us stay financially aware while still enjoying what we love.
However, having a budget is only half the battle. The real key is to include every expense, no matter how small. Leaving out items like alcohol or dining out gives you a false sense of savings.
The Secret to Saving Money
Now for the big secret to budgeting — one that’s simple but rarely followed:
👉 Spend less than you make.
It sounds easy, yet it’s the foundation of every successful financial plan. By tracking every dollar and adjusting where needed, you can enjoy life’s pleasures — like a fine Irish whiskey — without breaking the bank.
