By Michelle Glassburn
If you are in poor health, overweight or obese, or smoke, there are compelling financial reasons to take control of your health. These health factors can affect nearly every part of your financial life.
Your Income
–Studies suggest that workers who smoke, or are overweight/obese – particularly women – tend to earn less. According to William Ford, an economics professor at Middle Tennessee State University and a former president of the Federal Reserve Bank of Atlanta, “Obese workers who are paid $1.25 less an hour over a 40-year career, wind up with $100,000 less before taxes.”
Your Expenses
–Your health has significant impact on your wallet, beginning with the cost of your insurance premiums. According to a 2013 Business Week article, “People with a body mass index of 30 or higher, considered obese, pay on average 22 percent more to buy health insurance in the individual market.”
–Smokers also spend more with the national average cost of a pack-a-day habit totaling $2,000.
–Many other unexpected costs are often overlooked. Overweight and obese people tend to eat out more – resulting in both higher calorie totals and more expensive food costs. Even clothing costs go up, with plus sized wardrobes averaging 10-15 percent more.
Your Savings
–What’s the result of lower income and higher expenses? Savings is often sacrificed. Additionally, individuals in poor health usually do not live as long as their healthy counterparts. So, the opportunity to earn and save more to pass along to your children is cut short.
So, what can you do to start taking control of your health/wealth connection?
Consider setting health goals that have a positive impact on your wallet too. Start cooking at home. Think about setting a goal like limiting dining out to once a week. Then, create a plan for success. Plenty of websites help design meal plans that can be prepared ahead. Try sixsistersstuff.com and search “freezer.” By allocating just one to two cooking days a month, you can save money by eating at home and avoid the time crunch of daily cooking.
Surround yourself with people who embrace a healthy lifestyle. If you are around people who eat out or shop for entertainment, you will do the same – and spend more! Consider connecting with a local fitness group like the Howard County Striders (striders.net). Socializing while walking or jogging is a great way to make connections, adopt a healthy lifestyle and avoid the temptation to spend.
In the end, by making your health a priority, you will develop better habits over the longterm. A positive approach will invariably spill over into other areas of your life – like your financial health. So get started today!
Michelle Glassburn is former president of MakingChange, a Howard County-based nonprofit that offers financial education that empowers people to control their money … and change their lives. For information, visit makingchangecenter. org. Michelle welcomes questions from readers – about savvy spending, saving and investing.
