Smart Tip!Financial Planning for Wellness
For many people, a typical list of financial goals may include planning for retirement, saving for a child’s education or taking a vacation. It may not seem obvious to add a financial plan for wellness to your list, but thinking about how your physical and financial well-being are linked will only help you stay on track with your other financial goals as well. At Brannen CPA Services, we provide honest advice and relevant insights so our clients can find their strength in their numbers. In this article we discuss how investing in your health is a smart financial decision.
A good place to start is to think about budgeting for medical expenses both now and in the future. Health Savings Accounts or HSAs are a type of savings account that allow you to set aside money before taxes to pay for qualifying medical expenses. While you generally cannot pay for health insurance premiums with your HSA funds, you may be able to use your untaxed dollars to pay for deductibles as well as other health-related expenses. The 2024 contribution limits are:
● $4,150 for individuals
● $8,300 for families
However, investing in your health is more than just saving money for medical expenses, it’s also about allocating resources towards your overall wellness. Just as you may have line items in your budget for new clothing or dining out, prioritize healthy choices by carving out a monthly budget for your health and wellness. Whether that means acupuncture, nutritious food, therapy, or a gym membership, decide what is important for your well-being and health and commit some of your finances to it.
When you classify your health and wellness as an important part of your life, you’re also protecting your financial health. The reverse is also true: a sound financial plan will help ensure a secure future for yourself and limit unnecessary stress. Financial stress can contribute to numerous negative health conditions such as high blood pressure, obesity, and depression. Poor physical health can also contribute to unexpected medical costs, higher insurance premiums, and limit your career opportunities and earning potential. Taking a holistic approach to your financial and physical health will help you stay on track with your financial goals, and more importantly your life goals.
By investing in your wellness you ensure you have the vitality and stability to enjoy your life fully. If you would like to have a conversation about your financial goals and make a plan to invest in your health, give us a call at 207.271.9600. At Brannen CPA Services, we are dedicated to providing each and every client with the attention they deserve and the highest level of professional service. Let us help you thrive!