Physical fitness is something we don’t take lightly at ThinkHealth. After all, if you’re fit, you’re more apt to be healthier. And if you’re healthier, well, you’re bound to be happier. But when it comes to wellness, there’s more to it than that of the physical variety. For instance, fiscal fitness is very much a real thing. And from the sounds, most of us aren’t financially sound—which can really weigh on our health and wellbeing. In fact, money is the number one cause of stress. It’s enough to leave you feeling down, depressed and even ill.
CNBC reports just 40% of Americans could pay for a $1,000 emergency without going into debt. That means many of us are just one health care bill, car repair or kitchen appliance replacement away from fiscal disaster. But don’t let monetary woes keep you up at night. At least not this year. There’s still time to turn your spending around. Here are a few ways to promote better financial wellness and make 2021 your year to save money.
Try a cash diet.
Cash diets are trending right now, and for good reason. Basically, a “cash diet” is the process of giving yourself a limited, weekly cash allowance. Once you’ve spent your allotted amount, you’re done spending for the week. What’s more is, the cash diet, much like a nutritional diet, let’s you see where your cash is going, how much is going where, and when. It’s like counting calories…but with cash! Some have even paired their cash diet with a spreadsheet that breaks their spending down into categories like food, drinks, entertainment, retail shopping and more. Try a cash diet for a month or two and it might tell you where you can afford to save.
Crush your credit card debt.
If you’re one of the many Americans carrying a balance on your credit card, you’re not alone. According to Nerdwallet, household debt has taken a negative turn for many families in 2020. And while it can be difficult to rid yourself of that monthly statement, putting a good dent in your balance is possible. If you’ve got multiple balances, focus on the one with the highest interest rate. Likely, that’s the one taking more of your hard-earned pay. Pay more toward that one until it’s paid off, then focus on the next highest interest rate. It may take months or even years, but at least you’ve got a sound, money-saving strategy in place to putting an end to your credit card debt for good.
Eat less meat.
Here’s an option that promotes wellbeing of all kinds. In fact, it’s a chance to save money while upping your intake of nutritious vegetables and lowering your levels of fat and cholesterol. How does that work? Easy. Eat less meat. You don’t have to go vegan to see the savings in your grocery bill, either. A growing fad for many is “Meatless Monday.” And it can save you a little bit each week—financially and maybe even physically. After all, red meat is becoming more and more linked to heart attack and hypertension. If you’re eager to move your meatless needle even more, you might try these alternatives to using meat in your favorite soup recipes—and save some money while you’re at it; soup is perfect for meal prep, which also can save you a bundle.
Make a good goal.
Ever dream of a trip to London? Always wished for a Caribbean cruise? Maybe you’re longing to update your kitchen or buy that cute little lake cottage for weekend getaways. Whatever your dream is, this year, try making it a real, obtainable goal. Once you’ve defined your goal, start saving toward it. Put away a percentage of your check. Start a new change jar. Carve out part of your budget for your goal and stick with it. If your goal is small enough, you’ll see results fast. And if it’s a larger goal, you can always track your progress toward meeting the mark. Someday, with a little saving smarts and discipline, you’ll make that dream come true—financially speaking.
These are just a few ways to get started with savings. There are plenty of other ways to help promote financial wellness available to you with a simple search of the internet. The trick is to find the ways that work best for you. And, in most cases, your health insurance company can probably help you learn to save. Priority Health members have access to the Wellbeing Hub—an online tool that’s personalized to each member’s health needs, including several programs designed to help members improve their financial wellness. See what’s available to you through your employer or your health benefits—and vow to start saving some money. You deserve it.