The Surprising Link Between Your Health and Your Wealth
Many people aspire to save more money for their retirement and enjoy their golden years without financial stress. However, they may overlook one of the most important factors that can affect their financial well-being: their health. Keeping healthy is good for one’s well-being and wallet. In this article, you will learn how your health affects your finances and how you can improve both.
How Health Affects Finances
Health and finances are interrelated. Health influences one’s ability to work, spend, and save. Finances influence one’s ability to get quality health care, afford healthy choices, and handle emergencies. Here are some ways that health impacts finances:
- Health problems can lower income. Chronic diseases, disabilities, or injuries can make one miss work, work less, or stop working. This can reduce one’s income and retirement savings. Health issues made 37% of retirees leave work earlier than planned, according to Fidelity Investments.
- Health problems can raise expenses. If one has health issues, one may pay more for medical care, medicine, insurance, and other costs. One may also spend more on transportation, home changes, or devices that help one. A 65-year-old couple retiring in 2020 would need $295 ,000 to pay for their health care in retirement , according to the Employee Benefit Research Institute .
- Health problems can affect financial decisions. Stress or depression about one’s health can make one make poor financial choices. One may spend too much on comfort items , gamble , or borrow money at high rates . One may also forget to plan for the future , such as making a budget , setting goals , or investing smartly .
How to Improve Health and Save Money
The good news is that one can improve one’s health and save money at the same time. Here are some tips to help one achieve both goals:
- Eat well on a budget. A balanced diet of fruits , vegetables , grains , protein , and fats can help one prevent or manage many diseases , such as diabetes , heart disease , and cancer . Eating well can also help one save money by cutting one’s grocery bills , avoiding junk food and eating out , and lowering one’s medical costs . One does not have to spend a lot of money to eat well . There are many cheap healthy foods that are tasty and nutritious . Some examples are :
- Eggs
- Beans
- Lentils
- Oats
- Brown rice
- Potatoes
- Bananas
- Carrots
- Spinach
- Canned salmon
- Exercise regularly. Exercising at least 150 minutes per week can help one keep a healthy weight , strengthen one’s muscles and bones , boost one’s immune system , and improve one’s mood and mental health . Exercising regularly can also help one save money by reducing one’s risk of illness and injury , increasing one’s productivity and income potential , and enhancing one’s quality of life . One does not have to spend a lot of money to exercise . There are many free or low-cost ways to stay active , such as :
- Walking
- Jogging
- Cycling
- Swimming
- Dancing
- Doing home workouts
One can also join a local park or community center that offers free or discounted classes or facilities .
- Quit smoking and save money . Smoking is one of the main causes of preventable death and disease in the world . Smoking can damage one’s lungs , heart , blood vessels , and other organs . Smoking can also cost one a lot of money in terms of cigarettes , health care costs , insurance premiums , and lost productivity . The average smoker in the US spends over $1 .6 million on smoking-related expenses over their lifetime , according to WalletHub . Quitting smoking can improve one’s health and save one money in the long run . One can use different methods to quit smoking , such as :
- Nicotine patches
- Gum
- Lozenges
- Inhalers
- Sprays
- Medicines
- Counseling
- Support groups
One can also use apps or websites that track one’s progress and savings .
- Drink moderately or not at all . Drinking alcohol can have negative effects on one’s health and finances . Alcohol can impair one’s judgment , coordination , and reaction time . It can also increase one’s risk of liver disease , heart disease , stroke , cancer , and mental disorders . Alcohol can also cost one a lot of money in terms of drinks , taxes , tips , transportation , health care costs , legal fees , and lost productivity . Americans spend more than $22 ,000 on alcohol in their lives, according to the American Addiction Centers. Drinking moderately or not at all can improve one’s health and save one money in the long run . Moderate drinking is no more than one drink per day for women and two drinks per day for men . If one chooses to drink , one can limit one’s intake by :
- Setting a budget
- Alternating with water
- Avoiding binge drinking
- Choosing low-alcohol drinks
By following these tips , one can improve both health and wealth to save more for retirement. One should remember that health is the greatest asset and investment . By taking care of oneself now , one can enjoy a happier and more prosperous future .
References
- https://www.fidelity.com/viewpoints/retirement/retiree-health-costs-rise
- https://www.ebri.org/docs/default-source/ebri-issue-brief/ebri_ib_516_savingstargets-16oct20.pdf?sfvrsn=5f373d2f_4
- https://www.healthline.com/nutrition/29-cheap-healthy-foods
- https://www.eatingwell.com/gallery/7561540/cheap-healthy-dinner-ideas-20-minutes/
- https://www.healthyrecipesblog.com/affordable-healthy-foods/
- https://www.cdc.gov/physicalactivity/basics/pa-health/index.htm
- https://www.moneycrashers.com/benefits-exercise-save-money/
- https://wallethub.com/edu/the-financial-cost-of-smoking-by-state/9520
- https://www.cdc.gov/tobacco/campaign/tips/quit-smoking/index.html
- https://smokefree.gov/tools-tips/apps
- https://americanaddictioncenters.org/alcoholism-treatment/cost-of-drinking
- https://www.niaaa.nih.gov/alcohols-effects-health/overview-alcohol-consumption/moderate-binge-drinking
- https://www.moneycrashers.com/save-money-drinking-less-alcohol/