There aren’t many of us that haven’t experienced a little stress over our finances. From making sure there’s enough in your account to cover your bills to applying for a mortgage, there’s plenty to keep us on edge when it comes to money.
There’s a well-established link between stress and poor health, but your finances can actually have a bigger impact on your overall wellbeing than you may realise. The opposite is also true, with better health often leading to a better financial situation.
The Impact of Your Finances on Your Health
Money is one of the leading causes of stress, which can lead to a whole range of other health problems including an increased risk of digestive tract issues, depression, migraines and even back pain. The amount of stress linked to personal finance has been shown to be reduced when people take an active role in managing their money and planning for their future, so if you’re struggling to cope it’s better to deal with the issue than hide from it.
There’s also a link between better finances and higher quality health care. Being able to afford higher quality health insurance means that many common medical conditions can be treated fasted and more effectively, often allowing people to avoid long delays for public care.
Diet is also an area where a stronger financial situation can prove beneficial. A recent study from Cambridge University found that the gap between foods labelled as healthy or unhealthy has increased over the last few years, meaning it can be more expensive to avoid unhealthy food. Those with fewer money worries are often afforded more options when it comes to their food budget, which can lead to a healthier overall lifestyle.
The Impact of Your Health on Your Finances
Keeping yourself in good health has a number of benefits when it comes to your financial situation. Although some accidents and illnesses are unavoidable, taking good care of your body and your mind can really improve your bank balance.
With medical bills being the leading cause of bankruptcy in the US, doing everything you can to avoid a hospital visit is a good way of keeping your money safe. Managing your weight and your diet, exercising regularly, and avoiding smoking and excess alcohol consumption and are just a few ways of reducing the likelihood of you developing things like heart disease or cancer. While there’s not much you can do to avoid some medical issues, minimising your risk can often save you a fortune in medical expenses.
For self-employed people, missing work through ill health can often mean a loss of income. Actively taking care of your health and making sure you’re in decent shape will reduce the chances of missing work through preventable conditions, ultimately meaning more money in your pocket.
Research has found that eating a healthy diet can reduce the risk of productivity loss by around two-thirds, while working out regularly has been linked to 6% higher pay for men and 10% for women. Staying healthy will allow you to perform better at work, ultimately resulting in a higher salary and a stronger financial situation.
While keeping healthy isn’t the only thing affecting your money, it does have several strong links to better (or worse) financial results. If you’re looking to make more money, try getting your body in shape and your finances are likely to follow.