Why Working out Will Make you Better at Managing your Money

 

Getting fit and managing money well both require long-term effort. Making small, steady changes in both areas can lead to big benefits over time.

The more I learn about both fields the more I see a connection between physical fitness and my finances.

And from where I stand, I see that the guiding principles that apply to one work equally as well for the other.

 

 It starts with discipline 

Discipline is at the core of success in matters money and physical fitness. One of the cornerstones of good financial habits, for instance, is budgeting. Budgeting is not easy; it takes time and yes, discipline to master it let alone apply it to daily life.

I don’t even adhere 100% to the principles as taught by the experts but I do have a budget and regularly track and review my expenses. The “how” is not what matters most; it is that I do it consistently. 

Same with working out. Yes, there are days I really don’t feel like it but because I have built the discipline, I find that I don’t rely solely on my feelings to make the decision to get to a workout session in.

It takes grit but yes, the more you do it the more it sticks as a habit. 

A positive mindset is everything

Having a positive mindset is crucial when it comes to both fitness and money smarts.

 

When we choose to lead with fixed beliefs about what we can or cannot do we limit ourselves.

 I often see people push back against the idea of having a budget. “I don’t earn enough so what is there to budget?” they ask. When faced with limited finances it is easy to give in to negativity, seeing no possible way out of our situation. 

But what this mindset does is that it puts you in a corner where you only see limitations and not possibilities. If at the core of it all you do not believe you can get fit or get better with your money, you most likely will not.

 It’s like a self-fulfilling prophecy. On the other hand, if you believe you can change your physical fitness or money situation you will start to seek ways to do something about it.

 

Instant gratification is the thief of joy

Saying no to impulse buys or to going on a crash diet to lose weight means choosing to spend money in more thoughtful ways and taking a commonsense approach to fitness.

Practicing delayed gratification helps you develop the ability to make smart money choices, like saving for the future.

 “Well, I’m not going to save money for the future just so I can become rich when I’m old. I want to enjoy my money now” people argue.

 Similarly, I have met people who will work out faithfully for all of two weeks, see no change in the number on the weighing scale and give up.  “No, this type of exercise does not work” they conclude.

Personal Finance expert Ramit Sethi advises that while it is important to save and invest a portion of all your earnings, you need to spend unapologetically on the things that are important to you, part of what he calls living a rich life.

So, it is with fitness. Invest in the current you and future you will thank you for being better equipped to handle the challenges of old age such as bone loss, osteoarthritis pain and chronic diseases.

 

No free lunch, gotta do the work!

There’s no two ways about it. If you want to lose weight you can’t just will the weight away. You can’t work out twice a year and hope to remain physically fit.

You have to choose to eat a healthy diet and exercise regularly. In the same way if you don’t work at managing your money; building your knowledge, tracking your expenses, working hard at a job or in your business, you will remain stuck.

Stay the course, compound the gains

By consistently adding funds to your investment accounts, you can grow your money exponentially thanks to the power of compounding. 

Compound interest is when the interest you earn on the balance on your account is reinvested, earning you more interest.

The same way that money multiplies through compound interest, the effects of consistent investment in physical fitness multiply as you repeat them.

Regular exercise leads to fitness gains that get bigger over time, such as building muscle, losing weight, a toned physique and overall good health. I know for a fact that being fit helped me recover faster and better from surgery last year.

While there’s no magical link that says working out will make you rich, the underlying habits like discipline, routine, and long-term thinking build both a strong body and a strong bank account!

 

 

By Martha Songa

miss.songa@gmail.com