When we think of smart money moves, we don’t often think of something as mundane as taking care of ourselves. However, the truth is that taking care of yourself can be great for your finances.
Here’s what I mean:
Better Health = Better Finances
Adequate sleep means intelligent choices
It’s clear that a lack of sleep can impair your judgement. In fact, some studies indicate that a lack of sleep is similar to having a blood alcohol concentration of 0.05 percent. This is the point at which your ability to drive begins to be somewhat impaired, and it’s also the point at which you’re less able to make rational decisions.
Making financial decisions while you’re sleep deprived could lead to poor choices that cost you money. On top of that, you have lower levels of self-control when you’re tired, making impulse buys more likely. You also have a harder time staying focused at work, which impacts your productivity and ability to earn money.
If you want to make good decisions and maintain financial self-control, it makes sense to get a good night’s sleep.
Good health leads to fewer costs
If you want to save money on healthcare, take good care of your body. Regular exercise and good nutrition can help you stave off illness, as well as avoid chronic conditions like heart disease and diabetes.
While there’s no way to completely eliminate all your health risks, you can reduce many of them with good health habits. This way, you’ll spend less on doctor visits and medications, and may also enjoy lower health insurance premiums.
Good health can be a boon during retirement, too. If you want to enjoy retirement more and reduce health care costs as you age, start by taking care of your physical health today.
Mental health matters, too
Don’t forget about your mental and emotional health. Making an effort to reduce your stress levels, take care of your emotional needs, and interact in healthy ways with others can help you make better financial decisions.
How many of us have used “shopping therapy” to improve our moods? If you want to avoid the splurging that comes with feeling down, make it a point to take care of your mental health. This might mean counselling or medication, or it might just mean taking time out for yourself each day to unwind and relax.