How improving your health can also improve your wealth

The ‘lose weight, get fit’ resolutions you set for yourself could be the key to improving your wealth as well. Consider it a 2-for-1 deal!

‍By Bron Maxabella

Hands up if your new year’s resolutions include some kind of combination of:

• lose weight
• get fit
• give up drinking
• get more sleep?

Me! All of the above!

Every year I think I’m going to click my fingers at midnight and become an entirely new person. Never happens, of course. Not one single year have I managed to make those lofty resolutions stick for more than a few weeks.

But that doesn’t mean I’m ever going to give up trying. The first of January rolls around like clockwork and there I am, living my best, completely unsustainable life.

This year, I’m even more motivated to crack on with my health resolutions. You see, I’ve worked out that nailing the 4 resolutions above benefits me financially as well. In fact, acknowledging the link between my health and my wealth is making me even keener to turn over a new leaf this year. Here’s what I mean.

1. Losing weight means gaining money

Shopping the outer aisles at the supermarket (where all the healthy stuff lives) is extremely cost-effective.

You can buy an entire bag of in-season apples for less than a packet of Tim Tams. While snacking on the biscuits is satisfying for mere moments, eating a daily apple for a week for the same amount of money is satisfying on an entirely new level.

The same is true for cooking at home versus eating out. While eating out is fun in the short term, learning how to cook for yourself is satisfying in the long run. Both for your health and your wallet.

Other ways losing weight can help you save money:

• You’ll potentially save on your health bills (if not now, then definitely in future)
• Sticking to a set diet means you’ll have less food waste
• Taking your lunch to work means big savings each day

2. Getting fit can bulk up your wallet

Here’s the thing: the less you use your car, the more you’ll save on petrol. And honestly, what is going on with fuel costs lately? We regularly hit $2 a litre at my local service station. Stop it.

Naturally, I’ve vowed to walk and cycle everywhere I can. I even bought a basket for my bike so I can ride to the shops. It’s a nice ride, parking is a breeze and the smug-factor as I ride past the traffic is worth the aching quad muscles.

Other ways getting fit can improve your wealth:

• If you’ve got a gym membership, you’re finally using it!
• You’ll hang at the gym, rather than the pub
• Meet friends for a walk, rather than a coffee

3. Giving up drinking can bring down your costs

Losing weight and getting fit generally involves giving up the booze. It’s a tough ask, but well worth it when you look at how much money you’ll save. Have you been to a bar lately? A couple of cocktails is the equivalent outlay of a whole week’s worth of food… almost.

Another thing to consider is all the poor choices we make when drunk. It’s a bit too easy to click ‘add to cart’ when you’ve had a few at home. And don’t get me started on the ‘drinks are on me!’ mentality that a couple of wines inspires when out with friends.

Give up drinking and you’ll definitely improve your wealth this year.

4. Sleeping more means better decisions

Stay with me here because I’m about to draw a long bow, but it’s relevant.

So many studies have found that poor sleep leads to impaired cognition. It impacts our memory functioning, risk aversion, cognitive flexibility and decision making.

In fact, a study by Britain’s Royal Society for Public Health found that being awake for 17 hours can be the equivalent of returning a blood alcohol concentration of 0.05 percent

Is that the kind of person you want making decisions about your finances?

It’s fair to say that if I can stick with my resolution to get more sleep each night, I’ll be in much better shape to make good financial decisions.

So, there you have it: 4 ways health resolutions can improve your wealth outcomes, too. What more do we need to know to stick to our new year’s resolutions this year? Come on, we can do this, bit by bit!

Feature image: iStock/PeopleImages

This article originally appeared on Your Money & Your Life and is republished here with permission.

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This article reflects the views and experience of the author and not necessarily the views of Citro. It contains general information only and is not intended to influence readers’ decisions about any financial products or investments. Readers’ personal circumstances have not been taken into account and they should always seek their own professional financial and taxation advice that takes into account their personal circumstances before making any financial decisions.