Money and Health go hand in hand. Both can help us live happy, successful, and secure lives. For example, money helps us pay for our basic needs (food and shelter) and for many of the other things we enjoy. And, good health is important to helping us enjoy our hard-earned money. After all, without our health, it’s tough to enjoy the things we like as much as we should.

It is not surprising to know that money and health are important to us. In fact, in a recent wellness survey from a large Canadian company, 47% of employees identified finances as the number one wellness issue that they wanted to have addressed. This was followed closely by the responses that you might expect from a wellness survey like healthy eating, physical activity, and stress management.

There is no doubt that our finances are important to us and that they have an impact on our health. The question is how can we manage and react to our finances in a way that helps keep us well; even when times are tough. There is no simple answer. However, one thing we know for sure is that we shouldn’t wait until things get tight before we take control of our finances and find a healthy balance between our income and our spending.

Most of us have some type of debt we are paying whether it is for a mortgage, a car, a wedding, or a vacation. Having manageable debt is not a problem; in fact it is one of the only ways many of us would be able to own a home, vehicle, or other assets. The problems can happen when we have a sudden unplanned change in our income or when we accept credit beyond our means.

This is a reality for many Canadians. In fact, total debt per household is increasing six times faster than our incomes (Sauve, 2009). We are spending money faster than we are earning it. We are relying more and more on high interest credit cards and buy-now pay-later deals. The problem is that many of us are having trouble paying off the interest – let alone the balance on our credit cards. We then find ourselves over extended when the pay-later part of the deal comes in. This adds more debt and more stress. Over time, it can damage our relationships, our credit ratings, and our overall health and well-being.

We should all keep in mind that no matter what our financial situation, we should focus on keeping ourselves well both mentally and physically. While having money problems may seem like too much to handle in the short term, it is important to realize that what really matters over the long term is the health and well-being of you and your family.

If you need help with your finances, get help. Keep focused on what is really important over the long term and work toward your goals.

For this wellness initiative we will focus on Living Sensibly. We will provide you with tips and ideas on how to stay healthy without breaking the bank. How to deal with financial challenges and how to develop a plan that works for you. Read on and find out how you can “Live Sensibly” and save money while getting and staying healthy.

KEY REFERENCES:

Sauvé, R. (2009). Current state of Canadian family finances. Toronto, ON: Vanier Institute of the Family.

Government of Canada.(2005). Why financial capability matters: Synthesis report on Canadians and their money. (Catalogue No. PH4-33/2006E-PDF). Ottawa, ON: Government of Canada.

Health Council of Canada. (2009). Value for money: Making Canadian health care stronger. Toronto: Health Council. www.healthcouncilcanada.ca