HealthyLife Articles

Tag: Manage Money

  • 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

  • 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

  • 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

  • Saving Food, Saving Money

    FINANCIAL HEALTH

    Image of couple at the grocery store.

    In the U.S., we throw out millions of tons of food each year. Most people have thrown out food that spoiled or was simply never eaten. This harms the environment because it adds up to more waste, and it’s also harmful to your budget. It’s a lot like throwing money in the garbage! In addition, some of that wasted food could have gone to people who don’t have enough to eat.

    Shopping, planning, saving

    The number one way to stop wasting food is to plan meals and shop for only those meals. You’ll need to make a shopping list and stick to it when you go to the store.

    Your list should have ingredients for all your meals, including main dishes, sides, drinks and snacks. Then, buy only what’s on the list. This requires some extra time and planning, but the savings can add up.

    Some people like to shop for the whole week, while others shop for only a few days at a time. This is up to you. No matter how you like to shop, having a list can save you money and cut down on food waste.

    In the end, your budget and the environment will thank you. As an added bonus, you will be eating healthier by planning your meals ahead of time.

    Keep the pantry organized

    Have you ever bought a can of beans, only to find that you already had three at home? Having an organized pantry can help avoid this.

    Try putting your pantry into sections. You may wish to divide up canned foods into categories like fruit, vegetables, beans and other foods. Have another section for pasta, one for rice and so on. Being able to quickly glance at the pantry when you’re making your shopping list can save time and prevent buying duplicates.

    Other tips to prevent food waste

    *  Buying bulk portions can be a big saving – but only if you eat it. Only buy these large portions if you plan to use or freeze it all before it expires.

    *  Eat leftovers! Have a leftover dinner night, rather than cooking another meal. Get creative and use leftovers to make a casserole, soup or sandwiches.

    *  Check your fridge first. Before you go shopping, see what you already have in your fridge. Eat what you have on hand before buying more.

    *  Ask local food banks about their needs. Donate food that you don’t think you will use instead of throwing it away.

    Source: Environmental Protection Agency

    © American Institute for Preventive Medicine

  • Stay Warm, Save Money

    FINANCIAL HEALTH

    Image of thermostat being set at 71 degrees.

    When temperatures drop, energy bills are higher. Duke Energy offers some simple energy (and money) saving tips:

    *  Check your heating system’s ductwork to ensure that it is well insulated and completely covered. Ductwork should be properly sealed and not allowed to hang loose under the house.

    *  Keep your thermostat at a comfortable setting. If you are going to be away for several days, turn the thermostat to a lower setting, but not off.

    *  Have your heating or cooling system checked each season by a qualified technician to make sure it is operating properly. Heating and cooling account for at least half of your energy bill.

    *  Check insulation, seal cracks, and weather-strips between heated and unheated areas such as garages, basements, and attics.

    *  If you have a window air conditioning unit, remove it for the winter months to prevent heat from escaping through and around the unit. If it cannot be moved, cover it to prevent drafts.

    *  Always make sure the fireplace damper seals tightly and remains closed except when a fire is burning or smoldering in the fireplace.

    *  Insulate your water heater with at least R-6 insulation. The water heater is the second-largest energy user in your home. You can save enough money in energy bills to pay back the cost of materials within months and then keep on saving.

    *  Ceiling fans help keep you comfortable in the summer and winter. Reversing the direction of the blades pushes warm air down into the room. Fans should turn counter-clockwise in the summer and clockwise in the winter.

    *  On sunny days, leave the draperies open to allow the sun’s rays to warm your house.

    © American Institute for Preventive Medicine

  • Stop The Spending Cycle

    WELL-BEING

    Image of colorful shopping bags.

    Going overboard on one shopping trip, especially around the holidays, does not mean you have a shopping addiction. It’s normal to overdo it once in a while. And, everyone buys things that aren’t truly needed at times.

    But, if you think you or a loved one might have a shopping addiction, there is help. Often times, a shopping addiction is the result of another health issue like depression. Talk with your doctor about your feelings and symptoms. Antidepressants or other medications may be helpful.

    Or, you may wish to talk with a counselor about things that are bothering you. Sometimes, emotional burdens or troubles can make you look for happiness in things like shopping. If you are able to deal with those problems, you may not feel the need to shop as much.

    There are also support groups for people with a variety of addictions. Debtors Anonymous can help people who have gone into debt from too much spending.

    Don’t be afraid to seek help. The sooner you can address the problem, the sooner you can get your life back on track.

    © American Institute for Preventive Medicine

  • Talk Smart About Finances

    FINANCIAL HEALTH

    Image of young couple with laptop and piggy bank.

    Economic flux hurts more than our wallets. Financial woes can lead to emotionally damaging arguments among couples and put unnecessary strain on the family, said Josh Klapow, PhD, a clinical psychologist and professor at the University of Alabama at Birmingham. Dr. Klapow is the author of Living Smart:  5 Essential Skills to Change Your Health Habits Forever.

    He said financial discussions, and even disagreements, can have a positive impact on families struggling through uncertainty. The key is to make those discussions productive, not destructive. Dr. Klapow offers 5 talking tips:

    1.Keep a cool head.When your emotions are high-be it anger, sadness, frustration-thoughts get cloudy. Relax, breathe, wait 2-10 minutes, then start to talk.

    2.Start easy.Arguments often start because of a critical remark or an angry tone. Try to bring up problems and mistakes gently and without blame.

    3.Don’t assume.Talk about your feelings, not what you think your spouse or partner is feeling. Describe your feelings in first person with “I” and explain why.

    4.Think then speak.The goal of the conversation should be to problem-solve, not to win. Remember, once the words are out, you cannot take them back.

    5.Repair and recover.Don’t let the discussion get out of control. End on a positive, or at least neutral, note. Lean on patience, change the topic, or offer a positive comment to let the other person know you’re part of the same team.

    © American Institute for Preventive Medicine