How to Save Money by Getting Fit
Money Girl has 4 surprising ways that being physically fit can put money in your pocket. Plus, 3 ways to easily add exercise into your everyday life from Get-Fit Guy.
Laura Adams, MBA
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How to Save Money by Getting Fit
Money Girl’s Tips to Get Fit and Save Money
A lot of people mistakenly believe that getting fit will drain their finances with the cost of gym memberships, personal trainers, and equipment. Turns out, that’s not true! Today, Get-Fit Guy and I will show you how to get fit on a budget by adding exercise into your everyday routine. Plus, you’ll find out how getting in shape can also be a huge boost to your financial health.
Do You Need to Get Fit?
Did you know that over 60% of the U.S. population is either overweight or obese? Not only is this a serious health problem, but it’s also wreaking havoc on our finances.
You’ve probably heard of the Body Mass Index or BMI. This number is calculated using your weight and height and indicates whether you might be at risk for health problems. According to the Centers for Disease Control and Prevention (CDC), you’re overweight if your BMI is 25 or higher—and you’re considered obese when you top 30.
Find out your BMI and other important health data using online calculators here.!
The Financial Cost of Not Being Fit
A 2010 study by George Washington University found that being overweight is expensive, especially for women who will spend $4,700 per year on medical
expenses and lost wages due to weight-related illnesses (and that’s a conservative estimate!).
So the bad news is that being overweight can cost you your health and lots of money. But the good news is that you can save a boatload by improving your health through diet and exercise.
4 Ways Getting Fit Can Save Money
Here are 4 ways that getting in shape saves money:
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Lower insurance premiums. Insurance actuaries know that a high BMI increases your risk of disease and premature death. So being overweight translates into higher health and life insurance payments for individual policies, or for everyone in a group plan who must bear the burden of higher premiums. As your level of physical fitness improves, shop around for a less expensive health plan.
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Wellness discounts and incentives. Many companies with group health plans now offer wellness incentives—like subsidizing gym memberships or making contributions to employees’ Health Savings Accounts—in exchange for taking annual biometric screenings and participating in health coaching plans to stay healthy.
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Fewer doctor visits and prescriptions. Even if you have good health insurance, frequent visits to the doctor and trips to the pharmacy add up. Some of that expense could be prevented by maintaining a healthy weight and lifestyle. Obese people pay 36% more in medical costs over their lifetime. Conditions like type-2 diabetes, hypertension, high blood pressure, high cholesterol, and depression have all been linked to obesity.
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Less over-the-counter-medicine. An article published by the British Journal of Sports Medicine found that frequent exercise reduces the chance of catching a common cold by 50%! That’s half the tissues, cough drops, and bottles of Nyquil you end up buying if you’re in shape.
Fit People Earn More Money
Perhaps the best part of being fit is that you can earn more over your lifetime. Several studies suggest that regular exercise can make you more successful at your job and even command higher wages. A paper published in the Annals of Health Lawopens PDF file found that obese people earn $1.42 per hour less, which could add up to a 6-figure loss over your career.
Losing weight and getting fit may be one of the easiest ways to save a pile of money over your lifetime—and maybe even increase your income as well.
In honor of the release of Get-Fit Guy’s Guide to Achieving Your Ideal Body, here are Get-Fit Guy’s 3 easy ways to add exercise into your everyday routine:
- Make it Convenient. There’s no reason to lose valuable time by driving to the gym, working out for an hour or more, stretching, showering, and driving home. Instead, get fit with my quick, intense 10-minute body weight workouts spread throughout your day.
- Get on Your Feet. The simple act of standing more can increase calorie burn and fat burn, improve important health markers, and strengthen your tummy, butt, hips, thighs, and calves. Even if you have to sit at work, try to stand up each hour and do a few jumping jacks or stair climbs.
- Use Motivation. Sometimes getting fit for the sake of fitness is not enough. Use extrinsic motivation to inspire you to exercise consistently. Try signing up for a 5K run or a charity walk, start a personal fitness or diet blog, or use a smartphone app that lets you share your workouts and successes to Facebook or Twitter where your community of friends can help support your efforts. Here are 10 more exercise motivation tips.
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About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.