Your health can affect every aspect of your life, including your finances. Unfortunately, a lot of people don’t realize how strong the link between health and money is, and they don’t understand that poor health choices can ruin your finances.
Poor Health Choices Can Ruin Your Finances
The reality is, the way that you look after your health often determines how well you meet your financial goals. And, if you are going to improve your situation, you need to be able to recognize the impact of your health choices.
Below are just some of the ways that poor health choices can damage your finances.
Sleep is crucial if you want to look after your health.
Lack of sleep has been linked to a range of physical and mental health conditions. But did you know that it could also make you worse with money?
When you don’t get enough sleep, it affects your cognitive abilities and your decision making skills. As a result, you are more likely to make poor choices with your money.
Lack of sleep makes it harder…
- to stick to a budget,
- save money,
- and make sensible investment decisions for the future.
So, make sure that you have a good sleep routine and you get the recommended 7 to 8 hours a night if you want to be better with money.
Addiction Issues and Money
If you drink a lot of alcohol, there is a high chance that you may develop addiction issues, and this causes some serious financial problems.
- First, you are spending a lot of money on alcohol, which eats into your budget.
- It also makes it much harder to make sensible decisions, and, in some cases, it can affect your work life and even cause you to lose your job.
If you are concerned about addiction issues, it is important to attend an inpatient treatment center to get help sooner rather than later. Long-term addictions can completely cripple your finances, so it is very important that you make good choices about alcohol consumption.
High Medical Bills
When you don’t pay attention to your diet and you don’t keep up with exercise, your overall health will be poor and your risk of illness and disease will be much greater.
Ultimately, this means more visits to the doctor and higher medical bills.
Finding ways to reduce your healthcare costs is always important, but you should also try to minimize health issues if you want to save money.
Related: Healthy Foods on a Tight Budget
Stress and Spending
High stress levels create a lot of serious health risks, and they can also cause excessive spending.
- Some people resort to comfort eating when they are stressed,
- while others resort to stress-spending.
It’s very common for people to make impulse buys as a coping mechanism when they are very stressed, and this plays havoc with a budget.
Stress also affects your cognitive ability, so you are more likely to make poor choices with your money. That’s why it’s so important to find ways to unwind and manage your stress.
Poor health choices can ruin your finances in a lot of ways, so you must take notice of your health and make positive changes if you want to meet your financial goals.
How about you? Are you convinced that poor health choices can ruin your finances? I sure am!
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.