The first thing that comes to mind when thinking about living a healthier lifestyle
is usually losing weight, becoming fit, and avoiding certain lifestyle diseases.
But not a lot of people think about how it can be of benefit to your finances. The benefits
of a healthier lifestyle not only relates to your body and mind but your budget as well.
So that’s why today in today’s practical wisdom video,
we are going to be talking about the benefits living a healthy lifestyle has on your pockets.
Finances and health are hard to separate especially since health care costs money,
and making money is a lot easier when you’re healthy. You might make excuses and say that you
don’t have time to practice some of the healthy habits like eating a balanced diet, and exercising
or getting enough sleep, but once you take a look at all of the benefits they might bring to your
finances, you might start making time for it. When you take steps to improve your health,
it often influences your finances as well. If changes made towards a healthier lifestyle
are implemented carefully, they result in great financial benefits long term.
So, to begin we’re starting start with: Day to day savings
You can save money every day by living a healthier lifestyle and this can be done by
cutting out unhealthy habits. You probably have some vices you’d like to get rid of,
and this could be anything from smoking cigarettes to consuming alcohol. Often times it’s only the
health benefits of quitting these habits that are discussed and rarely the benefits to your
bank account. If you do the math depending on how much you consume, a lot of money can be saved.
The average number of cigarettes smoked per day continues to drop, with less than fifteen
cigarettes per day becoming the highest percentage according to the overall tobacco trends from
the American Lung Association. If you smoke ten cigarettes a day and decided to shake this habit
you could ultimately save around $1,100 a year and close to $46,00 after two decades.
Not to mention what you’ll save on doctor’s visits and medical treatments.
Cultivating better eating habits also leads to financial savings. If you reduce your portion
sizes and cut out snacking, you can save quite a chunk of change. Also preparing meals at home
instead of eating out can be effective in keeping you in shape and being more financially stable.
Choosing to walk or bike to work would help minimise your trips to the gas station and the
cost of maintaining your vehicle, something that your pocket would be grateful for. But aside from
that, you also benefit from the frequent exercise which helps you both physically and mentally.
2. Lower insurance rates There’s a reason why Medicare
and many other health insurance companies offer preventative care or fitness programs.
Basically, the healthier you are the less likely you’ll need their services and the less they’ll
need to pay out. It’s for this reason that many plans will inquire about your lifestyle
such as whether you’re a smoker, and if that’s the case will have to charge you more.
The same can be said about life insurance. Life insurers pay a lot of attention to your medical
history when creating a policy for you because an individual in excellent health
is less likely to succumb to life threatening ailments.
Paying for insurance comes with hefty fees and premiums. If you are a healthy person,
life insurance companies will often offer you lower premiums. And this is because they factor
in a lot of things when determining how much of a risk you are to cover.
There is less of a risk to pay out the healthier you are, and for that you are rewarded by being
charged less. That’s why insurers stress on your health status when coming up with a plan.
A simple example is premiums for smoking for example can be higher than those of non-smokers.
When it comes to life insurance you typically have a unique opportunity
to directly impact how much you pay on your premiums based on how healthy you are.
3. Lower health complication and costs
Adopting a healthier lifestyle helps prevent a number of conditions and illnesses that may
result from unhealthy living. Such illnesses include high blood pressure, type 2 diabetes,
stroke and other life threatening conditions. Managing these diseases comes at a high
cost which could easily be remedied by eating healthy and following a strict fitness routine.
According to the George Washington University, the cost of being obese
in America ranges from 147 to 200 billion dollars every year. And a majority of these
funds go towards treating diseases such as diabetes and cardiovascular disease.
Research has found that on average, a person who walks or exercises for at least two and a half
hours a week spends less on medical expenses as compared to those who fail to do so. Hence
by making fewer doctor visits and spending less on prescription costs, a lot of money is saved.
4. Employers give you financial reasons to prioritize your health
Employers are increasingly beginning to recognise that having healthy employees is
good for business. Healthy employees take fewer sick days thus reducing
health insurance costs for the company. Many employers offer financial benefits
to those who adopt a healthy lifestyle. Health incentives that are aimed at motivating employees
to live healthy. Some of these incentives include reimbursement for gym memberships,
onsite fitness centre, bonuses for being tobacco free and so on.
You can save a decent amount on your insurance or receive bonuses as a reward
for engaging in healthier habits so why not take advantage of some of these incentives.
5. Taking fewer sick days and improve career People who are generally healthy don’t take
as many sick days as people who get sick. That being said you should prioritize your health
so as to improve your work performance and career prospects. Nobody’s saying that you shouldn’t take
an off day when you’re sick because staying home and getting the necessary treatment is part of
putting your heath at the forefront. However, sick days can directly impact your income especially
if you work in a place where you only get paid when you show up for work. Taking less sick days
also means you can cash in on your unused sick leave. In other words, you still get paid when
you’re not working, and how awesome is that. A great attendance record also works in your
favour as you stand out and your bosses see how dedicated you are to what you do
and maybe even consider giving financial bonuses or consider you for a promotion.
6. Prioritizing health by eating a balanced diet
Eating healthy isn’t easy for many of us. We want to but fail to do so every time,
that’s why we make resolutions at the beginning of the year but fail to follow through. Eating
healthy doesn’t have to cost a lot, as most people believe. We seem so content with the cheap fast
food. But it’s possible to eat a healthy diet without consuming a huge lot of your budget.
Being mindful of what you get when you go to the grocery store is an important part of managing
your money. Junk food and frozen dinners might be cheap, but they don’t do much to improve
your overall health. Fruits and veggies on the other hand are much healthier despite being a
bit costly. But remember there are plenty of ingredients that are affordable like rice,
beans and canned vegetables that you can go for. Also cut out all those sugary unhealthy drinks and
excess alcohol and switch to water. It’s not only good for your waistline but your wallet as well.
Limit the number of times you eat out is good as it saves you money.
It’s much cheaper to buy your own ingredients and prepare something from home. Also, sticking
to more nutritious meals helps you save money with time and improve your health and well-being.
7. Fewer doctor visits There’s nothing wrong with getting
regular check-ups once in a while especially if you feel like there might be something wrong
with your body, but living unhealthily leads to an increased number of doctor’s visits.
Many insurance plans charge a fee for every doctor’s appointment, and the fee might
increase if you need to visit a specialist. The same applies if you need lab work done,
testing or some other procedure. One study in particular that looked
at the relationship between physical fitness and the use of health care services found that,
the men who were most physically fit were less likely to visit their doctor or require medical
treatments in the previous year than the least fit men. To add to that, the men in the least
fit category were more likely to need multiple medical treatments. So by living healthy, you get
to minimise the number of trips you take to the hospital and save a ton of cash in the process.
8. You reap the benefits of getting enough sleep
Getting enough sleep can improve your life in many ways. A lot of us are way too busy
to get the seven to eight hours of sleep we need every night. But prioritizing sleep
has a lot of benefits which can impact you both health-wise and financially. For one,
it’s easier to maintain focus throughout the day, reducing mistakes and improving productivity. You
have improved memory and increase your accuracy allowing you to be productive and earn more.
You also reduce the risk of developing heart disease, type 2 diabetes and high blood
pressure when you get enough rest which means, you spend less on medical bills.
It’s often said that billionaires don’t sleep much at night but research suggests otherwise.
And who said you can’t make money while you sleep? A great way to grow
your wealth is by putting your money to work for you by making wise investments.
9. Regular exercise Exercising enables you to maintain a
healthy body weight, build muscle, improve energy levels and improve focus which improves your
performance at work and impresses your employers. Exercise also means reducing the risk of
developing some of the diseases mentioned above. The American College of Sports Medicine and the
CDC recommend that, adults get at least half an hour of moderate intensity physical activity
on most days if not all days of the week, to reap the health benefits of physical fitness.
And it’s not just the health benefits that you gain but also financially as well.
In conclusion, healthy living isn’t always a solution for money saving,
but it can be in certain situations. You might be able to save money simply by
adopting a new healthy habit or two. Keep in mind that you don’t have to spend more
money to lead a healthy lifestyle. If you want to work on improving your physical,
mental and financial well-being all at once, it’s entirely possible.
Well, thank you so much for watching and see you in the next one.