LIFE INSURANCE

Paying for insurance often comes with hefty fees and premiums. But insurance is important to have, so is there anything left to do other than eat the cost?

When it comes to life insurance, you typically have a unique opportunity to directly impact how much you pay on your premiums based on how healthy you are. Many life insurance companies require you to take a medical exam before determining whether to offer you a policy and how much that policy will cost.

If you live a healthy lifestyle, you might qualify for lower life insurance rates. This could be true whether you’re a new or existing customer looking to get their rate changed.

2. LESS MEDICAL BILLS

It might not seem like healthy living coincides with creating and sticking to a budgeting plan. This is because certain purchases, such as exercise equipment, can get expensive. But what about your long-term financial goals?

According to The George Washington University, the cost of obesity in U.S. adults can range from $147 billion to more than $200 billion per year. Most of these costs are associated with treating diseases such as diabetes and cardiovascular disease.

If you want to help reduce your chances of expensive medical bills, it makes sense to maintain a healthy lifestyle. You’re more likely to avoid diseases and costly medical conditions. And, yes, in the long run, an expensive Peloton or similar piece of equipment could be worth the cost if it can help you avoid medical treatments.

If you’re looking to save money, then you should know that Chase Sapphire cardmembers can receive special Peloton benefits through Dec. 31, 2021. The Chase Sapphire Preferred offers up to $60 back and the Chase Sapphire Reserve offers up to $120 back on an eligible Peloton Digital or All-Access membership. 

To learn more about these benefits, check out our Chase Sapphire Preferred review and Chase Sapphire Reserve review.

3. Economical grocery trips

An important part of learning how to manage your money is watching what you buy when you visit the grocery store. Junk food and frozen dishes might make for easy and sometimes cheap meals, but they’re not necessarily helping your overall health. Fresh fruits and vegetables could sometimes be less expensive and are definitely much healthier.

Think about the cost of a big bag of chips compared to a bunch of bananas. Then think about the difference between how they affect your health, and even how you feel after eating them. Sticking to more nutritious options could help you save money over time and also improve your health and well-being.

To help increase your money-saving efforts on groceries, consider using credit cards that earn valuable rewards on grocery purchases. For more details, check out our list of the best credit cards for groceries.

4. More water means more spare cash

Water has loads of health benefits and barely any drawbacks, unless the water is contaminated or has a low quality level. According to the Centers for Disease Control and Prevention’s guidance on water and healthier drinks, water can help regulate your body temperature, get rid of wastes, prevent dehydration, protect your spinal cord, and lubricate joints.

Water’s financial benefit, though, is that it’s virtually free for many people. If you frequently spend money on any other drinks, which are typically less healthy than water, you’re paying for things your body doesn’t necessarily need. This could include soda, coffee, energy drinks, alcoholic beverages, and more.

Cutting out the majority of non-water drinks can lead to healthier living, as well as more cash in your pocket. Even if you’re living somewhere where you’re more comfortable buying bottled water, it’s likely less expensive than other beverages.

5. Fewer doctor visits

Going to the doctor isn’t a bad thing. It makes sense to get regular checkups and spend money on certain preventative measures. And once in a while, you might have reason to make an unplanned visit, whether you notice something different with your body or you have some sort of ailment or injury.

But unhealthy living can lead to an increased number of doctor visits. Many health insurance plans charge a fee for each doctor visit and that fee could increase if you visit specialists. If you also need testing, lab work, or procedures done, and that could mean additional visits and expenses. So simply living a healthier lifestyle could save you money by eliminating trips to the doctor.