Overview
It is often said that health is wealth, and there may be some truth to this assertion. Many studies have found a surprising link between healthy habits and positive financial outcomes. When looked at more closely, however, it may not be all that surprising. In this article, we will review five healthy habits and how they may have a positive impact on your finances.
Habit #1: Exercise
A regular exercise routine can result in better weight management, lower stress, higher focus, and a more positive mood. These, in turn, may lead to better financial decisions such as budgeting or saving due to improved physical and psychological functioning. Over the long term, maintaining an exercise routine may also lead to reduced healthcare costs, which can benefit your wallet. One study links workplace exercise among office workers, in particular, with improved work performance.
Consistent exercise is not going to pay for your expenses. It is an indirect benefit to your finances. If you need quick funds to close a gap in cashflow, apply for a personal loan online via Friendly Lender. We don’t check credit scores or credit reports during the online application process.
Habit #2: A Healthy Diet
A healthy diet typically involves unprocessed, whole foods such as chicken, vegetables, fruits, nuts, seeds, etc. as well as avoiding sugary, sodium-rich, and processed foods and drinks. Maintaining a healthy diet may lead to an increased sense of wellbeing and improve your ability to make decisions. A 2019 study, referenced in this article, links a healthy diet with significantly higher savings. Individuals who make poor dietary choices are more likely to make poor financial choices. Impulse control is necessary in both domains. The ability to maintain a healthy diet signals higher impulse control, which can improve your ability to stick to a budget, for example, or save money.
Habit #3: Intermittent Fasting
Intermittent fasting has numerous benefits, including weight loss, improved insulin sensitivity, and lower blood glucose. While it may not directly lead to improved financial outcomes, the health benefits associated with this habit may result in better emotional and physical wellbeing, which may indirectly lead to better financial choices through an improved decision-making capability, focus, and energy levels as well as reduced healthcare costs due to lower inflammation and improved weight management. This article details the various health benefits of intermittent fasting.
Habit #4: Avoid Cigarettes and Alcohol
Smoking cigarettes and drinking alcohol may lead to increased healthcare costs through the illnesses and conditions that are often associated with them. In addition, these habits are expensive. One pack of cigarettes may range from $13-15 in Canada. That can translate to hundreds of dollars per year. A six-pack of beer may range from $15-20. This can also translate to hundreds of dollars per year and thousands of dollars over multiple years. By avoiding cigarettes and alcohol, you could save thousands of dollars over the years, which would have an obvious positive impact on your financial wellbeing. One U.S. survey found that 27% of drinkers admit to having experienced a negative impact from alcohol on their finances, while another article details the staggering cost of smoking one pack of cigarettes per day for 10 years ($140,000, enough for a deposit on a house).
Habit #5: Get Regular Sleep
Regular sleep generally tends to indicate good overall health and a healthy lifestyle. Maintaining a consistent sleep schedule may lead to greater productivity at work and higher energy levels. Higher productivity may translate into higher earnings. Good sleep may help keep your mind sharp and focused and allow you to make more informed financial choices such as sticking to a budget or building an emergency fund. This article details the negative effects of sleep deprivation on mental and physical wellbeing and, by extension, your financial decision-making.
Final Thoughts
Healthy habits are not a silver bullet but simply an additional tool in your toolkit, that may assist you in your financial journey.
Better finances are a marathon, not a sprint, and healthy habits won’t transform your finances overnight or pay the bills. They are merely a long-term approach that may benefit you. If you need help covering immediate expenses, apply for a personal loan online via Friendly Lender. We don’t perform credit checks during the simple and quick online application process.
