HealthyLife Articles

Tag: budget

  • Where Does The Money Go?

    FINANCIAL HEALTH

    Image of scale with bills on one side and a piggy bank on the other side.

    Regular expenses are a necessary part of life. In your household, you probably have a certain amount of money coming in and a different amount going out.

    Even if you have a rough idea of how much you spend, tracking your monthly expenses can help you find out a lot about your money. Small amounts here and there can quickly add up. For one month, write down everything you spend on bills, food, gas, clothes, and any other purchases – even your morning latte. Then, you can look for ways to cut back on unnecessary costs. Money you have left at the end of the month can be saved for an emergency fund or for future needs.

    © American Institute for Preventive Medicine

  • Exercise On A Budget

    BE FIT

    Image of young man doing push-ups.

    Don’t let gym memberships, personal training fees, or the cost of the latest exercise gadget weigh you down. Exercise is about moving, stretching, lifting, bending, breathing – things you can easily do at home. Or simply walk – around the block, at a mall, or on a local school’s track.

    Get started

    Start with a few simple stretches to warm up your muscles. If you need help, go online for how-to instructions on everything from stretching to full routines. You can also find exercise tools to track your progress.

    No equipment necessary

    Do what you were taught in gym class – squats, push-ups, jumping jacks, and crunches. Lift your legs and arms, touch your toes, bend from side to side, jog in place, and twist. Just make sure you target all your major muscle groups at least once every week.

    No free weights? Try these substitutes

    *  Use cans instead of dumbbells to exercise biceps and triceps.

    *  A gallon jug filled with water, sand, or powdered detergent is just as effective as a kettle bell for squats and arm lifts.

    *  Put a paper plate under one foot and lunge forward. You can also attach plates to both feet with rubber bands to simulate skating. Or, get down on all fours, put the plates under your hands and slide them back and forth for a great chest workout.

    *  Pantyhose stretch just as well as resistance bands for rowing and stretching routines.

    *  A low, sturdy stool or a bottom stair can be used for a step exercise routine.

    © American Institute for Preventive Medicine

  • 4 Money Mistakes To Avoid

    FINANCIAL HEALTH

    Image of 3 friends.

    Little everyday choices can have a big impact on your finances. If you want to save more or spend less, think about whether you’re making any of these mistakes.

    Mistake #1: You put off saving money.

    Do you think that you can wait a few more months or even years before you need to save for retirement, your kids’ college or other future needs? Even if you can only put away a few dollars each week, start now. It can add up over time and the sooner you start, the more money you’ll have later.

    Mistake #2: You spend too much on “treats.”

    We all like to treat ourselves once in a while. But, if you’re spending money on treats often, such as going to the movies or buying yourself a new item, you could be creating money problems. Look for low-cost or free ways to reward yourself. Set aside some time with a friend, take a hot bath, watch a favorite movie at home or check out free museums and concerts.

    Mistake #3: You get lots of coupons in your mail and email.

    If you get catalogs in the mail and your inbox is filled with coupons and deals, this could be wrecking your money goals. After all, you may not need the items that are advertised. But, they look like such a good deal that you decide to buy them anyway. Do you really need another sweater or pair of jeans, or are you buying them because of the sale? Unsubscribe from email coupons and newsletters, and throw catalogs in the recycling bin. This can help lower the temptation to shop.

    Mistake #4: You don’t know how much money you really have.

    If you are struggling financially, it can be hard to look at your bank account balances. But, it’s better to know what you can afford than to go deeper into debt. Make a budget of what you have and what you can spend each month after bills are paid. Try to stick to your budget and find ways to cut out unnecessary items.

    © American Institute for Preventive Medicine

  • For The Health Of Your Wealth

    FINANCIAL HEALTH

    Image of female talking to an advisor.

    Do you want to take control of your financial life? It’s up to you to understand your own money, says investment advisor Paul Taylor, a member of the National Ethics Bureau. Taylor offers the following suggestions:

    For your cash flow, keep in mind the four A’s: Accounting, Analysis, Allocation, and Adjustment. The four A’s describe a systematic and disciplined approach to your daily, weekly, monthly, and yearly spending habits.

    *  Accounting involves gathering all your relevant financial information-income, recurring bills, and other expenditures-creating a central list of each item, and pulling it together in a place where it’s easy to find.

    *  Analysis is reviewing the information to determine whether you have a shortfall or surplus, and finding places to reduce expenses. Saving $100 a month on dining out, for instance, would allow you to apply $100 to your mortgage loan principal, saving you a substantial amount in interest payments.

    *  Allocation involves determining your financial commitments and priorities, needs versus wants, and distributing your income accordingly.

    *  Adjustment involves periodic reviews of your financial information and shifting assets to meet changing needs.

    © American Institute for Preventive Medicine

  • 4 Ways To Save Money At Home

    FINANCIAL HEALTH

    Young couple smiling and holding money.

    Homes come with costs. Rent, mortgage, utilities and other expenses can add up. Here are some ways to save right at home that can help your wallet.

    Unsubscribe from advertising.

    Getting emails from stores and companies can tempt you to buy things you don’t really need.

    Cool down the water heater.

    Turn down the water heater 10 degrees and you can save 5 percent on water heating costs.

    Check your insurance.

    Shop for homeowners insurance every year or two. You may find a cheaper plan with the same coverage.

    Source: American Academy of Family Physicians

    © American Institute for Preventive Medicine

  • How To Stop Impulse Buying

    FINANCIAL HEALTH

    Image of women looking at jeans.

    Many people have bought something at the store that they didn’t plan to get. If you buy something simply because you see it and want it, this is called an impulse buy.

    Some estimates show that the average American spends a few thousand dollars a year on impulse buys. These purchases can add up to big spending.

    If you’re trying to save money, take a look at your buying habits. It’s possible that your unplanned impulse purchases are standing in the way of a healthy budget and your long-term financial goals.

    Try not to dwell on past impulse purchases. Instead, look to the future and decide that you will resist the urge to buy things you don’t need.

    Why we impulse buy

    Stores use certain tricks and techniques to make impulse buys happen. Plus, specific things happen in our brains while shopping that can lead to an impulse buy. Some of the reasons we buy things on impulse:

    1.  A love of shopping and new things. Shopping can release feel-good chemicals in the brain. Once we experience this kind of pleasure, it can become a habit that is hard to break.

    2.  Fear of missing a deal. Our desire to save money can lead to impulse buying. We see a deal on something and wonder if we will regret not buying it later.

    3.  Hope that having this item will make our life better. For example, someone may think that buying a new blender means they will make a vegetable smoothie every day. Or, if someone is feeling depressed or angry, they may think this new item will fix their problem.

    How to stop impulse purchases

    If you think impulse buying is affecting you, there are ways to stop. Keep these things in mind when you go shopping:

    *  Stop and think about the price. Ask yourself whether that item is truly worth what it costs. Think about how many hours you would have to work to pay off that item. Is it really worth buying?

    *  Bring a list. Make your shopping list in advance and buy only those items.

    *  Don’t use credit cards. If possible, only shop with cash or a debit card. This means you won’t have seemingly unlimited funds. If that’s not possible, picture next month’s bill with that item on it. That number on your statement may make the item less appealing.

    *  Don’t shop when you’re hungry, stressed, angry or sad. These emotions can prompt you to buy unwanted things.

    © American Institute for Preventive Medicine

  • An Annual Financial Review

    FINANCIAL HEALTH

    Women writing on paper with laptop next to her.

    Managing your finances is a long-term investment. Following a budget is the blueprint for financial health. But, how do you know if it’s working?

    A yearly financial review provides a snapshot of how well your financial management achieves your financial goals. And it allows you to identify and adapt to changes in your financial health.

    Step 1: Review your debts

    Begin by making a list of all your debts and their interest rates. Evaluate your progress in reducing your debt burden in the past year. Determine if your current payoff plan is working or if you need to allocate more resources to reduce debt.

    Step 2: Reevaluate your budget

    Compare your budget to your actual monthly expenses. Make adjustments so it accurately reflects your current bills and income. It’s normal for things to change over the course of a year. Identify areas where you are overspending and need to adjust either your budget or your spending habits.

    Step 3: Assess your savings

    It’s wise to have a rainy-day fund set aside in a separate savings account. That account should be paid into each month to provide a safety net in case of unexpected expenses. Check to see how well you did contributing each month.

    Step 4: Review retirement accounts

    Check in with any retirement or investment accounts and consider whether they are growing at a comfortable pace. Make sure you are taking full advantage of any matching retirement funds from your employer. Double-check how the maximum IRA contribution may affect you in the coming year.

    Step 5: Update your financial goals

    Using all the information you have gathered, set both short and long-term financial goals. Paying off debts, reducing expenses, increasing savings or retirement, or planning for a large purchase can all be part of your updated goals. Keep the goals specific and measurable.

    © American Institute for Preventive Medicine

  • Make The Most Of Your Health Care Dollars

    SELF-CARE CORNER

    Image of doctor taking a patient's blood pressure reading.

    So you’ve got that high deductible health plan or flexible spending account. How can you save money-and spend your dollars wisely? Blue Cross Blue Shield of Delaware offers these suggestions:

    *Stay in-network.Make sure your doctors, laboratory, and hospital are a part of your health plan’s provider network so you save on copays and coinsurance amounts.

    *Use alternatives to emergency services.A visit to the hospital ER is generally unnecessary for issues such as the flu, minor cuts and sprains, or urinary tract infections. Overall costs are usually lower at walk-in clinics and urgent care centers. Check your health plan’s provider directory for nearby centers.

    *Take the tests.Receive the screenings, tests, vaccines, and other care that your plan covers, as recommended by your doctor. When you and your family stay healthy, you can avoid doctor visits and time off from work.

    *Take your medicine.To receive the full benefit of your medicine, remember to take the recommended dosage for as long as your doctor prescribes it. People who take their medicine as prescribed need less health care-and less expensive care. If you don’t understand how to take your medicine, ask your doctor or pharmacist.

    *Find the best price for the medication you need.Always ask if a generic prescription drug or an over-the-counter (OTC) drug would be best for you. For any brand-name drug, research the manufacturer before you fill the prescription. Then check its website for any discount coupons or free copay programs that may be available for that drug.

    © American Institute for Preventive Medicine

  • Managing Financial Stress

    FINANCIAL HEALTH

    Image of hands holding money.

    Do finances keep you awake at night? If so, you’re not alone. More than 75 percent of Americans say money is a big source of stress, according to the American Psychological Association (APA).

    Although we can’t always change our financial problems right away, we can learn to cope with this type of stress. This can help you stay healthier and learn to deal with challenges in a positive way.

    If you’re stressed about money, try these tips:

    *Remain calm and make a plan.It can be easy to get caught up in the panic of the moment when a problem arises. A sudden expense needed for an emergency or stories about a “bad economy” in the news can make things feel hopeless. Instead, think about small steps you can take now to improve your budget. This may be writing down a few specific ways you can cut back on expenses. Or, look at your past spending and make a plan to cut back on things you can do without for now.

    *Look at the positive side of being thrifty.Eating meals at home instead of at a restaurant can be a fun family bonding time. Have everyone help prepare the meal or pick out their favorite dish for the weekly menu. Can’t afford a fitness membership? Exercise with a family member or friend at home and make it fun.

    *Be proud of progress.If you saved $5 by making your coffee at home rather than buying it at a coffee shop, that’s a step in the right direction. Think about the little ways you can save money and how they add up over time. These small successes can get you to your goal.

    *If you can’t pay your bills, ask for help.Banks, utilities and credit card companies will often give you extra time to pay if you’re in a financial crisis. It doesn’t hurt to call and ask.

    *Identify unhealthy behaviors.If you deal with stress by drinking alcohol, smoking or gambling, this will often make matters worse. Not only do these habits cost more money, but they can cost you your health, job and relationships. Healthy ways to cope with stress include exercise, deep breathing, eating a balanced diet, listening to music or calling a friend. If you need help with unhealthy behaviors, ask your doctor or look into community support groups.

    Source: American Psychological Association

    © American Institute for Preventive Medicine

  • Piggy Bank Smarts

    FINANCIAL HEALTH

    Image of hand placing a dollar bill into a piggy bank.

    Smart money management begins at home. Washington University researcher Michal Grinstein-Weiss found that teaching kids about money in childhood helps them better manage their mortgage loans as adults. The study was in Social Work Research.

    The professor offers 5 ways parents can teach their kids financial literacy:

    1. Discuss and explain basic finances around the dinner table, especially the difference between needs and wants.

    2. Teach kids how to save and set short-term goals (a new toy) and long-term goals (college). Kids will follow by example if they see you saving for something such as a family vacation.

    3. Open a savings account for your child as early as possible. Even if you bank online, visit the bank with your child to make a deposit because actions reinforce behaviors. Review monthly statements together.

    4. Teach kids budgeting and money-management skills. Help your child figure out how much money to save for how long to reach a goal amount.

    5. Get kids involved in daily activities and decisions about spending. Take them grocery shopping and have them compare prices of different brands. Count out the cash during a sale.

    © American Institute for Preventive Medicine