Do you want financial wealth, and to live long enough to enjoy it? Of course, right, but sometimes our poor financial habits go together with our poor health habits. Did you know that investing in your health through financial management can have a positive impact on your pockets?
Last week when I went live for Finance Friday, I was ill. I didn’t want to be seen on camera, but I am determined to fulfill my commitment and go live every Friday at 12:30 EST. Unfortunately, I had neglected to get enough rest or manage my self-care.
The fact is, if you’re ill, it can cause you to be out of work and lose money because you’re unable to flourish with your normal rise and grind. NBC News reported that the top New Years resolution for 2017 is to ‘Get Healthy.” So healthy living is on the mind of thousands of Americans. In fact, it’s no accident that in January and February stores change their end-caps to showcase fitness gear and send out community gym coupons and mailers. Marketers know that we have a fascination with healthy living, but our wish to be healthy doesn’t always coincide with our habits.
If we don’t change our health habits they can affect our long-term financial future. So how do we learn how to manage our finances and care for our souls at the same time?
Financial management first takes discipline.
When you plan your monthly budget, give yourself incentives to help you stick to your goals.
The Office of Research and Sponsored Programs at Rutgers, The State University of New Jersey created a survey about personal health and finance. Take a few minutes to complete the quiz so that you know your personal correlation between your health and your finances.
When you budget and follow your budget, you’re more likely to have a line item for self-care and healthcare. Research shows that stressing about your finances can cause depression and a lack of sleep (Scott, Verywell.com). Whereas getting a head of the game can help ease your fears about spending money on co-pays and preventative healthcare needs.
Secondly, research health plans.
Even if you don’t have chronic health problems, finding a healthcare program that is right for your needs is important and can save you thousands of dollars down the line. Most jobs, and health care programs have deadlines for when you can sign up for them. Usually it is wise to enroll in the program before it is a necessity in your life. Also, taking care to enroll in your employers flexible spending plan, which can also help reduce your taxable income. Thus reducing your taxable income can save you thousands of dollars. However, please keep in mind that most flexible spending accounts need to be used in their entire within a fiscal year. If you’re not likely to use the money then it is not helpful to sign up for the plan.
Last, but not least, financial management can help reduce your stress.
Sometimes, stress can cause people to have unhealthy behaviors such as overeating, drinking alcohol, or smoking. Often people engage in these behaviors to get their mind off of their problems. Consequently, many of these habits also cost the people who do them, a lot of extra money that they don’t have. Frankly, these habits will take your money and steal your peace of mind; not to mention, they will also leave you even more broke than you started.
This year, i wish you financial health and peace of mind. Take a look at the video below from our finance friday and please share any topic suggestions in the comment section below.
Finance Friday Live
As much as we try to avoid it, ...