on January 19, 2021
What does regular exercise have to do with your finances? Does decreasing stress save you money? Can healthy eating trim expenses as well as pounds?
Though it might seem strange, there IS a direct link between your physical health and your financial health. In this week’s post, I’m going to explore a few of the areas in which these two factors are tied together:
Health Care
The average American spends about $5,193 on health care each year…wouldn’t it be nice to trim that down? Though regular exercise and healthy eating can’t guarantee you’ll be 100% healthy, they certainly help. Consistent exercise and eating a well-balanced diet can bolster heart health, help manage blood sugar levels, and strengthen bones and muscles.
A major study by the American Heart Association found that those who met their recommended exercise guidelines saved an average of $2,500 per year in health costs. When you take the financial benefits of working out into account, an annual gym membership and some personal training sessions are well worth the cost.
Stress
Stress costs money. If you’re stressed, you’re more likely to miss work or seek an entirely new occupation altogether (stressed has been linked to about 40% of job turnover). And, of course, job instability is not great for your finances.
Long-term stress can also negatively affect the brain. According to Dr. Durvasula, a professor of psychology at California State University, L.A., “Stress impacts an individual in numerous ways — immune function, endocrine function, pain modulation, psychiatric symptomatology, cardiovascular function — and impacts cognitive elements of the person, such as perceptions of control, hopelessness, helplessness, and agency.” And with those symptoms, of course, comes increased healthcare costs.
Though there’s no simple way to eliminate stress, exercise can help. According to the Mayo Clinic, the endorphins released by exercise can improve your mood and decrease stress. Other stress-reducing activities include meditation, yoga, or journaling.
Mindful Diet
Your diet is linked to your finances in a few different ways. For starters, if you eat out a lot or consistently order take-out, you’ll inevitably spend more than if you cooked your own meals. The statistics are difficult to pin down, but one study by Priceonomics found that it costs, on average, five times as much to eat out than it does to cook at home.
But what about those subscription meal boxes? They’re not much better, averaging about three times the cost of cooking from scratch.
Additionally, ordering food from a restaurant is typically less healthy than eating in. To make foods taste better, they’re often doused in salt, butter, heavy cream—all things that can be harmful to your health when eaten in excess. One study published in the journal Appetite found that restaurant foods have about six times as much salt as people think they do. Other studies show a significant correlation between eating out and weight gain.
And, of course, if you’re less healthy, you’re more likely to incur healthcare costs linked to obesity (high blood pressure, heart issues, diabetes, gout, sleep apnea, etc., etc.). By taking control of your diet and preparing your own nutritious meals at home, you’ll not only save money, but also take charge of what you’re putting into your body (which can help you lead a healthier life with, hopefully, fewer trips to the doctor’s).
So, are gym memberships, vitamins, and protein powders worth it? That is ultimately for you to decide. Looking at health and wellness from a purely financial angle, you’ll probably get a better ROI on certain health-related investments than others. Do your research, and make sure that expensive daily wheat grass shot is worth it (and not just hype). Your doctor should be able to provide some sound recommendations, so don’t be afraid to ask him/her for advice.
In the meantime, consider the overwhelming evidence that links poor healthcare with increased costs. If you’re looking to save money this year, you might just start by investing in yourself.