Last week, Financial Post reporter Melissa Leong interviewed me for an article, “Five things you can do to have a boozy time on a budget,” which ran over the weekend. (It’s part of a yearlong series on extreme personal finance, including amusing videos called “Save Your #@%* Money,” which I fervently hope becomes the title of the book she’s clearly meant to write).
Our conversation got me thinking about ways to drink more inexpensively — but still drink well. Some of these tips appeared in the article, some did not.
1. It’s always less costly to drink at home vs. out at a bar. The mark-ups that go into cocktails can be staggering. Think about it: two $14 rye Manhattans (plus tip) = a 750ml bottle of good rye + a 375ml bottle of vermouth. That yields far more than two cocktails. (Or, yes, you can find less expensive drinks at another bar. The alcohol mark-up still will be significant.)
2. Make your own ingredients. You can purchase a 750 ml bottle of Monin cane syrup for $6 or more. Or you can buy a box of granulated sugar and make your own simple syrup. By the same token, you can also DIY grenadine and Maraschino cherries. Raw ingredient costs are low; what you’re paying for in these products is labor, packaging, and distribution costs. When you go to a bar, you’re paying for labor again, plus real-estate and other expenses too.
3. Choose your booze wisely. Armagnac is often better value than similar Cognacs; yet both are grape brandies from France with similar flavor profiles. American-made whiskies are often better value than imported whiskies. And for god’s sake, save the top shelf and longer-aged stuff for drinking straight, not for mixing into cocktails.
4. You don’t have to buy expensive glassware. Punchbowls and glassware in multiples have been on my mind ever since I started researching Cocktails for a Crowd. Sure, I’d love to drop a bundle at Crate & Barrel for pitchers and punchbowls and a few dozen new glasses every time I throw a party. But it’s not necessary: you’d be surprised what can be used to showcase large-format drinks. Vases. Fish bowls. Fondue pots. Mason jars. Not to mention all the gorgeous vintage glassware to be scooped up at flea markets and yard sales. A word of caution, though: whatever vessels you use for serving drinks, make sure they are thoroughly clean.
I’d love to hear your tips for drinking/entertaining on the cheap. If enough ideas come in, I’ll publish a follow-up to this post.