March is National Nutrition Month and can mark a great time to develop new habits.1 With days growing longer (and warmer) and the growing season just beginning, it can be simpler to add fresh fruits and vegetables and outdoor exercise to your lifestyle this spring. Many of the most positive diet and exercise habits can also directly impact your budget. Below, we'll discuss a few of the ways in which your healthy lifestyle habits and healthy financial decisions can intersect.
A Healthier Lifestyle: Potential Reduction in Medical Costs
Although some medical costs just can't be prevented, doctors agree that certain lifestyle changes can go a long way toward lowering your risk of developing certain conditions. Some employers also offer wellness benefits to their employees who participate in specific activities, like getting a flu shot, having an annual physical, or hitting exercise targets. Taking part in a wellness program can lower your health insurance costs while keeping you more active and working to identify any potential health issues as early as you can.
Goals are Key
Whether you're hoping to hit certain weight targets or certain net worth targets in the upcoming year, it's important to have goals in mind so that you can track your progress and tweak your strategies along the way. Vague goals like "lose weight" or "save more money toward retirement" can be of limited use when you're trying to make some major personal or financial changes. Instead, try drilling down into a few actionable items for each broader goal, like putting your raise toward your 401(k), cutting your budget by $200 a month, or increasing your income by a certain percent.
Don't Waste Time on Empty Calories (or Dollars)
Any sort of lowering in your consumption can require you to spend time thinking about what's most important to you. When working with limited dollars, you want to focus on what may provide you with joy or other value instead of what may be consumed mindlessly. For many, this can mean paying down high-interest debt, canceling rarely used subscription services, or cutting out other expenses that don't add much quality to your daily life. The money you free up by streamlining unwanted items can be put toward something you'll really enjoy.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess
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