Health and wealth goes hand in hand. Integrate the two things for a better living situation

How Can I balance my Health and Wealth?

Firstly, let’s see why and how health and wealth is related. On the surface, good health can often lead to reduced healthcare costs. This is a major factor when it comes to the importance of balancing health and wealth.  The underlying relationship  is that good health can mean increased energy levels for productivity, and ultimately, a more active pursuit of financial goals. Conversely, financial stability can reduce stress and allow for investment in health through better nutrition, fitness memberships, and preventive care. Although on the surface you may not think good health is related to healthy wealth it is in fact a crucial aspect in life.

How Can I Invest in Good Health and Wealth?

Setting Integrated Goals

Conceptually goal setting for anything needs to follow the same structure. Your health goal can be to train to run a marathon while your wealth goal can be saving a certain amount for retirement. Both these goals need structure.  Make sure they are S.M.A.R.T! Your  goals need to be Specific, Measurable, Achievable, Relevant, and Time-bound. This framework can apply as much to saving for an emergency fund as it can to losing weight or increasing your cardio fitness. Working towards a health goal can result in better performance of your wealth goal.

Budgeting for Health

Include health-related expenses in your budget as an investment, not a cost. This includes gym memberships, healthy meal plans, and wellness programs. Depending on your life situation and your credit card debt situation make smart choices. Use free facilities if you  are living in apartment complexes that offer these services, pair up with a friend who can get you through a walk or a jog every morning. Use health savings accounts (HSAs) or flexible spending accounts (FSAs) to set aside pre-tax dollars for medical expenses, which can also be used for preventative wellness programs. Keep an eye on your insurance benefits. Make use of the free physicals, dental check ups provided by your health insurance to ensure you maintain your health and avoid high health care bills later.

Financial Fitness Programs

Take advantage of employer-sponsored financial wellness programs that offer resources and incentives for saving money and improving financial literacy. If your employer offers a 401(k) match, ensure you’re contributing enough to get the full match. It’s like a guaranteed return on your investment, which can support your health goals in the long term.

Fitness as a Financial Metaphor

Take smaller steps and make incremental progress. Just as you can’t expect to run a marathon without training, financial goals are reached through consistent, incremental steps. Saving a small amount each month can lead to a substantial nest egg over time. Diversifying your workouts can lead to better overall fitness, much like diversifying your investment portfolio can lead to better financial health.

Technology Integration

Use fitness trackers to monitor your progress. Many devices now also allow you to track your spending and savings, giving you a real-time view of both your physical and financial health. The growth in social media and content creation also opens up your possibilities to invest in your health without spending a fortune There are ample free resources that you can look at to craft your own health and wellness journey. Similarly, there are money management tools like CreditU that can help you adapt to a healthier financial journey.

Health Challenges for Financial Benefits

Participate in workplace health challenges that can have financial rewards, such as reduced health insurance premiums or contributions to HSAs/FSAs. Train for and participate in charity runs or cycling events that often have a dual benefit of raising money for good causes and improving your physical fitness.

Balancing Costs with Lifestyle

Opt in for frugal fitness.  Not all fitness expenses have to break the bank. Look for free workout videos, community classes, or outdoor activities that provide free or low-cost fitness opportunities. Practice mindful spending in both health and financial decisions. Avoid impulse purchases, whether it’s the latest fitness gadget or an item you don’t need.

Bottom Line…

By integrating your health and wealth goals, you create a powerful synergy that can lead to a happier, healthier, and more secure life. Remember, both journeys are marathons, not sprints. Progress may be slow, but with persistence, the results can be profoundly rewarding. Stay committed to your integrated plan in 2024, and you’ll be on your way to achieving both your fitness and financial milestones.

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today. 

Set up practical new year financial new year resolutions

24 New Year Financial Resolutions for 2024

1. Create a Robust Budget

Start with a detailed budget that accounts for all your income, expenses, and savings goals. Stick to it religiously. A budget is your starting point to a healthy financial journey. If you already have a budget in place make sure you review it and see if it is aligned with your 2024 finances. If you do not have one now is the time you  set it up for your 2024 financial success.

2. Build an Emergency Fund

Aim for three to six months’ worth of living expenses in a readily accessible savings account. Holidays would have surely had a strain on your budget and you may have dug into some of your savings to cover expenses. Now is the time to refresh your financial outlook and account for any unexpected expenses in the new year and seriously start setting up your emergency fund.

3. Pay Off High-Interest Debt

Focus on eliminating high-interest debts like credit card balances to free yourself from the extra financial burden. If you are one to roll with debt this should be a priority among your new year financial resolutions. Identify the high-interest debts to pay them off first and make a plan to pay them off first.

4. Increase Your Savings Rate

Boost your savings by even a small percentage. Over time, this will make a significant difference. Focus on your saving goal. In the new year make saving a priority. Go through your financials to see if you can up your contribution to savings.

5. Start or Increase Retirement Contributions

If you have a retirement account, increase your contributions. If not, now’s the time to start one. It is important that you have a plan in place for your golden years. Make your contributions to 401K plans if they are offered to you and relook at your investment portfolios if you have any in place.

6. Invest in Financial Education

Spend time each week learning about personal finance, investments, and economic trends. There are many resources available through social media, podcasts, and AI. Use these resources to educate yourself  on the current economic trends to keep up your financials.

7. Review Your Insurance Coverage

Ensure you have adequate insurance coverage, including health, life, and property insurance. Look at how you can adjust your premiums to fit your financial situation and your family’s future requirements.

8. Automate Your Finances

Set up automatic transfers for bill payments, savings, and investments to ensure they’re never missed. This way you can avoid unnecessary fees, higher-interest rates and spends.

9. Cut Unnecessary Expenses

Identify and eliminate any non-essential spending that doesn’t contribute to your well-being or happiness.

10. Improve Your Credit Score

Work on strategies to improve your credit score, which can save you money on loans and insurance.

11. Start a Side Hustle

Create an additional income stream to accelerate debt repayment or increase your savings.

12. Plan for Large Purchases

Set aside money each month for big-ticket items to avoid going into debt when you make the purchase.

13. Maximize Tax-Advantaged Accounts

Use tax-advantaged accounts like HSAs and FSAs to reduce your taxable income.

14. Create a Will or Estate Plan

Protect your assets and ensure your wishes are honored by having an updated will or estate plan.

15. Refinance High-Cost Loans

If interest rates have dropped, look into refinancing options for your mortgage or student loans.

16. Check Your Subscriptions

Cancel any subscriptions you no longer use or need.

17. Set Specific Financial Goals

Have clear, measurable financial goals for the year and break them down into achievable steps.

18. Negotiate Bills

Call service providers to negotiate better rates on things like cable, internet, and insurance.

19. Implement No-Spend Days

Designate one day each week as a no-spend day to curb impulse buying.

20. Learn to Invest

If you’re not already investing, start small with a low-cost index fund or a robo-advisor.

21. Monitor Your Credit Report

Check your credit report regularly to ensure there are no errors or fraudulent activities.

22. Plan for Retirement

Regardless of your age, make sure you have a plan in place for retirement.

23. Give Back

Include charitable giving in your budget, which can also provide tax benefits.

24. Conduct a Year-End Review

At the end of 2024, review your financial progress and adjust your strategies for the next year.

Bottom Line…

Each of these new year financial resolutions is a step toward a more secure and prosperous financial future. Choose a few to start with or embrace them all. The key is to take action and commit to your financial well-being. Here’s to a financially healthy 2024!

If you’re struggling to pay off debt, ACCC can help. Schedule a free credit counseling session with us today.