Money Talks Monday (3/12/18)

It’s that time of year again…that magical time when the tax refund comes in.

For a few brief days it may seem like you’ve hit the jackpot, however; the associated question is how can you make that jackpot feeling last until next year’s tax refund? Although NerdWallet reports over 34% of people use their tax refunds to make a major purchase, of those 34% over 95% regret the purchase soon after. I most enjoy Money Talks Mondays when I can tie financial health into physical health. Given that, here are four great ways to make that jackpot feeling last yearlong by investing the money in your health.

First, if considering a major purchase, why not home gym equipment? Though visiting a gym is a great way to stay on track and keep you motivated, there are days when you just cannot make it. Having a good, total-body machine in the home allows you to get in that quick workout everyday possibly while accomplishing other goals. For example, you may be able to complete a computer-based training on a tablet or iPad while walking on the treadmill or even catch up on the daily news while riding an exercise bicycle.

Second, invest in a personal trainer. While most people know the basics of eating healthy and exercising regularly, purchasing even a once monthly training package with a professional trainer can help to keep you on track, motivated, and provide you with professional insight on how to maximize your workouts and meal planning.

Thirdly, invest in quality gear. Instead of purchasing lesser quality fitness attire or products, invest in long-lasting, quality, durable, and healthful products. Consider upgrading your gym shoes, buying compression garments, and/or protective gloves for your hands so as not to cause skin irritations lifting or grasping handlebars.

Lastly, make an investment in your health savings account. If you do not have one, consider opening one. Putting away even a little money for your health is always wise. Medical and dental insurances often leave major gaps in coverage; particularly dental. When the average dental cleaning costs over $150 and the average operative procedure costs over $5000, having a little money tucked away and accruing interest could not hurt. That money can help fill those gaps, to buy a new pair of glasses with an updated prescription, or, if you suffer from high stress levels, be used for a massage.

Investing is always wise. Investing in your health is always smart. And hitting the jackpot year-round versus a few shining days always creates a better feeling than instant gratification purchasing. Check back next Monday and remember to spread that jackpot feeling out for yearlong happiness.