Fitness and Finances

Our physical health is impacted by all the aspects of our lives.  One of the most important is how we handle stress.  Worry about finances is one of the leading causes of stress.  The peace of mind that comes from living within one's means is usually more a factor of how we spend rather than on how much we earn.  I have met many people who earn a substantial amount of money and yet still find themselves living above their means.

In recent years we have seen first hand what happens when individuals and nations spend more than they earn.  My son recently told me, "Dad, I'm richer than the U.S. Government."  I thought "how absurd," but then realized that he was absolutely right.  Meager as his savings are, he has not accumulated any debt.

During the great depression, a religious leader taught, "Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you." (J. Reuben Clark Jr.).

Now, I am not an expert in financial matters, but having navigated through medical school, I am well aware of the burden of debt.  Once I finished my training, my wife and I focused on paying down our loans instead of accumulating material goods.  It remains one of the best decisions we have made.  We need to make interest work for us, not against us.  It has been said, those who understand interest collect it, those who don't, pay it.

If you find yourself overwhelmed by debt, what is to be done?  First, every expense needs to be evaluated.  If it is not essential, it should be eliminated.  There is no relief until debt has been conquered.  A patient of mine recently told me of volunteering at a local food bank and seeing some people arrive to pick up food in expensive luxury cars, using smart phones.  The car needs to be sold, the phone contract needs to be cancelled.  Write down every expense and track it.  This is just like what I ask my patients to do with their calories.  In fact, we spend an awful lot of money on food.  Make sure that you bag your lunch.  Eating out is a huge expense and can be avoided.  Drink water (see my previous post, "Drink Up").  The amount of money spent on soda, coffee, tea and alcohol is staggering.

Another way to cut expenses is through managing your medications.  Many of them are very expensive.  Sometimes there are alternatives that your insurance plan would cover or that may be generic, which can result in big cost savings.  I know for a fact that your doctor cannot keep track of which medication will be the most cost effective for you.  Look up all of your medications.  If your plan lists cheaper alternatives, write them down and bring the list in to your physician.  At times, there may not be a good alternative and you won't be able to switch due to medical reasons, but I for one, am more than willing to find cheaper alternatives for my patients if it provides the same benefit.  The best way to keep down medication costs is to stay fit and in shape.  Many of my patients would not need all the medications to treat high blood pressure, cholesterol, diabetes, acid reflux, arthritis and even depression if they could get their weight down through diet and exercise.  Our physical health affects our financial health and our financial health certainly impacts our physical health as well.  It is time to be fit.