Easy ways to be both physically and financially healthy - Raiz Invest

December 7, 2020

Easy ways to be both physically and financially healthy

December 7, 2020

As the COVID situation in Australia sees overall stability, our social life is beginning to slowly come back – but with it comes extra spending. We want to make sure we are staying healthy and spending time on our mental health, whilst also saving money.

There is a stigma that to stay fit and healthy you also need to spend a lot of money to stay that way.

The reality is, there are multiple ways to still save money without it effecting your healthy lifestyle.

 

Reviewing your health-related expenses

Grab a notepad and pen and start writing out all your health-related expenses, or digitally monitor them by using a budgeting app like Raiz’s My Finance feature. This includes what you spend on gym memberships, fitness gear, health foods and even paid health apps you might be using. When gyms were forced to shut down, what happened to that membership? Make sure to review any automatic payments that may have gone through and get your money back in the form of refunds or extending the term of your membership for the months you couldn’t go to the gym. What is left that you can cut out? Are there apps or products you no longer need?

 

Ditch unused gym subscriptions and fitness apps

Speaking of fitness, talk to your gym about changing the plan you are on. Most gyms are offering high discounts for new members. Negotiate what benefits you can receive with your provider. You can reduce the cost of your weekly or monthly membership and even get a free PT session on the way.

More importantly, are you satisfied with your gym? If a standard membership is anywhere from $16-$25 a week, has it been worth it in the long run? Have you been meeting your fitness goals? Or is it the social aspect of the gym that you enjoy? Review what benefits you are really gaining from your membership, because while $16 a week may not seem like a lot, by the end of the year you have spent close to $1000. This could easily by left in your pocket if going to the gym isn’t offering you intrinsic or physical benefits.

Also check out the options of no-lock in contracts where you prepay for classes. This can offer you greater flexibility for the times you can’t go to the gym and save you money.

Not only will this save you money on gym memberships, it also offers a great variety of locations, classes and is an easy way to meet new people.

 

Reduce how often you eat out

While we are all excited that restaurants and bars are back open, think about how you found the simple pleasures during lockdown. Rather than go out two-three times a week, swap one of these nights out for a night in.

You will find a night out can cost as much as what a week-worth of groceries would cost. Be mindful of this and reduce how many times a week you eat out and reserve it for special occasions.

Lockdown taught many people how to bake, why not extend this into your everyday life? Experiment in the kitchen and get cooking. Or even better, make a plater of cheese, crackers and fruit with a bottle of wine (no cooking required!). Your DIY tapas will cost a fraction of what you will pay eating out.

Don’t forget that if you cook extra, you can save the leftovers and use them for lunch or dinners over the next few days. Freezer options are a great alternative to those nights when you get home too late and don’t have time to cook.

 

Don’t spend too much on activewear

There is a certain underlying psychology that if you purchase and wear activewear, it inspires you to work out hard.

But that doesn’t mean you need a new outfit every week! Activewear can be costly, with new brand products like Nike or Adidas costing as much as $90 for tights.

All you need are a few key items and you can cleverly mix and match your outfits for every workout, and easily look like you have multiple outfits.

Even better, be a savvy shopper and avoid the fancy sports brands that mark up their clothes. Try Cotton On for active wear that is a fraction of the cost but works just as well. And if you desperately want that branded look, then keep an eye out for end of year sales online and in-store.

 


 

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Important Information

The information on this website is general advice only. This means it does not take into account any person’s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.

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The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.

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