How do common spending patterns affect our money health?

Money influences many aspects of our lives, from the kind of products we buy at the grocery store, and the neighbourhood we live in, to the friends we make. However, it’s not commonly known that money (and especially debt) can affect our health. In this blog, By Numbers Accounting discusses the relationship between negative spending habits and one’s health.

Relationship between wealth and health

There are clear links between our physical, mental and financial health. For many, health issues and money struggles go hand-in-hand with one amplifying the other. For example, people with health conditions will often have more expenses on medication, transport, specific dietary requirements, special needs to manage pain or ways to keep emotionally well. 

Contrary to this, money problems can mean cutting back on food, clothes, or other essential items. This can increase a person’s stress and anxiety and can often develop into physical health problems, such as high blood pressure or a poor digestive system. High blood pressure is the precursor to a variety of health problems, including but not limited to heart attacks and strokes. A bad digestive system, which is often referred to as the centre of health, can have a negative effect on our daily lives. Money problems could cause one to avoid going to the doctor due to the inability to pay medical bills. 

Common spending patterns

There are many common spending habits we have as consumers that affect our health without us realising it. We constantly think buying small cheap items like a quick coffee, or packet of sweets, won’t have a major effect on our budget. But small expenses add up quickly. 

Impulse buying occurs when we purchase items without checking or comparing prices, waiting for sales, or looking for discounts. Sometimes we buy items just because they’re on sale, not because we need or really want them. Other times we are more relaxed about paying bills on time, this may result in paying more in interest charges. The cost seems small next to the overall balance, but when paying extra on a monthly basis, it all adds up. If there is a struggle at the end of the month and we can’t remember where the money went, it’s probably due to spending unnecessarily on items we don’t need.

How to change unhealthy spending habits

There are many reasons we overspend. It may be that we aren’t aware of our true spending habits. Maybe we are incorrectly guesstimating our income, expenses, debt payments, and spending, which is causing our bank balance to be lower than what we expected each month. To improve our financial situation, we must break unhealthy spending patterns. Steps include understanding our spending triggers, getting in the habit of tracking our spending, making short-term financial goals, and sticking to them. These small but effective changes can help us take control of our finances.

We might not be able to change our income. But, by making small changes to the way we spend and save our money we can make significant differences in our health. For a money coach focused on working in an ethical and holistic manner, get in touch with us at By Numbers Accounting.