4 Ways a Healthy Life Can Lead to Healthy Finances
Leading a healthy lifestyle has been consistently linked to many benefits.
72% of UK consumers are opting for better food choices in supermarkets while spending on health and fitness in the country is on the rise despite increasing pressure on income. A healthy lifestyle can improve your fitness, lower the risk of cardiovascular disease and even boost your mental health. However, can being health conscious help your wallet? Evidence says it can. Here are four ways healthy habits can impact your financial goals, including your plans for getting on the property ladder and your retirement future.
Better Food Decisions = Less Spending
Consumers in the UK spent over £49 billion on eating and drinking out in 2017. This equates to £1,000 per person. In fact, Brits spend more on lunch than utilities. However, healthier eating means savings on the food front. One tip for eating healthy is to choose a packed homecooked lunch where you are aware of all the ingredients and that it is free of preservatives. Doing this can add at least £245 to your bank balance each year. Shopping and cooking at home also saves money in the supermarket, further reducing your monthly food bills. The recommended diet is full of fruit, vegetables, and whole grains; all of which you can consumer for £3 a day. The cost of one meal out can be enough to provide food for 3 or more days.
Your Earning Capacity Improves
Living a healthier lifestyle improves productivity. Eating healthier foods increases your energy and leads to better sleep. A diet rich in whole foods including fruits, lean protein and vegetables will boost energy levels. Multiple studies have linked eating a nutritious breakfast to productivity levels throughout the day. Thanks to increasing convenience in the kitchen, fueling your body with healthy breakfast beverages or meals are now much easier. When you are feeling more rested, you are then able to concentrate and retain information better. All of these positive changes equates to better productivity in the workplace, boosting your earning potential.
It can also boost creativity; spurring ideas and motivation to launch side businesses and pursue other sources of income (and have the energy to keep up with them). This is part of the reasoning behind the growth of corporate wellness programs in workplaces today. Happier, healthier employees are good for business.
Living Healthy Improves Life Expectancy- And Your Credit
Some habits that are a part of living a healthier life include avoiding smoking, monitoring alcohol and sugar intake and exercising. All of these also impact your life expectancy. Living longer can not only mean saving on health insurance but also influence your approval for longer life mortgages, if needed. Longer term mortgages are proving to be a popular way to help people buy a home and also save up to £30,000 on their mortgage overall. Increasing the term of your home loan can decrease your chances of defaulting on payments, falling into debt, damaging your credit scores and simply making your bills more affordable.
Opting For A Healthier Lifestyle Could Protect Your Retirement Funds
The fear of outliving their retirement savings is very real for British consumers, particularly with the younger workforce. It is estimated that you will need to set aside at least £260,000 for their retirement needs in addition to their state pension. Financial firm Key Research puts basic living costs to be approximately £10,830 a year. However, the benefits of being health conscious means fewer healthcare bills, and lower health and life insurance premiums in retirement. Savings like these can be put back into your retirement funds.
Choosing to live a healthier lifestyle is about more than making the healthier choices. It is about improving your present and protecting your future. Better health means a better standard of life, including financially.