For a few years now, I have been neglecting my health, mainly because I have been working hard to solve my financial problems. This has caused health problems such as fatigue, sleep deprivation and weight gain. How can I achieve financial stability without jeopardising my health? — Reader

In today’s fast-paced society, many of us are faced with the challenge of balancing work, home, school and service responsibilities. Trying to complete all these conflicting tasks can lead some people to over-schedule themselves and ignore the need for rest and relaxation in their daily agendas.

If you are going at a frenetic pace to make ends meet, generate extra funds to pay off debt or save for an important goal, then you may readily find excuses for working too hard. However, if your mantra is ‘no pain – no gain’, you might actually be harming your health and weakening your wealth.

Financial success is not just about having more than enough money to cover your needs and achieve your goals; good health is an integral component of your overall wealth. In fact, your mental, physical and emotional well-being all impact your ability to attain financial wellness.

Illness can increase your expenses

All work and no play will not only make Jack a dull boy, as the old adage notes; too much work is also likely to make him sick. Stress and fatigue can weaken your body’s resistance to colds and infections and make you susceptible to developing lifestyle diseases such as hypertension.

When you are tempted to skip meals or your exercise programme, think of how much it will cost you when your run-down body becomes sick. Even with a good health insurance plan, you may be out of pocket for several thousands of dollars to treat an illness that could have been avoided.

Continued ill health can have a detrimental effect on your budget, as you may have to channel funds intended for other bills into purchasing medication and visiting the doctor. This cash crunch may then force you to work even harder to stay afloat, and can lead to even more health challenges.

Illness can deplete your resources

If your ill health becomes chronic, then it can really play havoc with your finances. Managing some preventable lifestyle diseases can cost thousands of dollars each month. You may have to dip into your financial resources to pay for expensive prescriptions or to try alternative treatments.

Paying for your illnesses could also have a devastating effect on your long-term financial situation and your ability to live prosperously. You may find that you are no longer able to save and invest for goals such as buying a home, funding your children’s college tuition, or planning for retirement.

Apart from depleting your financial capital, a chronic illness can erode a priceless asset – your vitality. Your mental acuity and physical energy are essential to help you focus on your goals and work towards your objectives; if these are impaired you might find it difficult to achieve your dreams.

Illness can impede your ability to earn

A few days of sick leave may not be unwelcome for most employees, as it gives them a break from the rigours of work. However, repeated absences due to illness may cause you to miss timely opportunities to excel on the job and endanger your upward movement on the corporate ladder.

If you are self-employed or own a business, then your downtime from work could result in serious setbacks. Your inability to finish critical projects or manage your daily operations may lead to lost revenue, which could have major repercussions on the viability of your enterprise.

If you develop a chronic illness or a stress-related disorder that affects your physical mobility or mental wellness, then you may find yourself in the unenviable position of losing your capacity to work. Leaving the workforce before you are financially ready will not augur well for your future.

Wellness can stimulate wealth-building

Don’t believe that making a few unhealthy decisions today could not result in these depressing financial scenarios in the future. The daily choices you make that are detrimental to your health will accumulate over time and eventually have negative implications on your well-being and wealth.

On the other hand, focusing some of your time and effort into promoting your well-being can bring direct financial benefits. Exercising, eating well, reducing stress and getting sufficient rest can bring immediate gains such as more vigour and less sickness, which will help you to be more productive.

Instead of having to spend money on treating illnesses, you can devote all of those funds into saving and investing towards your goals. In addition, when you are feeling healthy and happy, you will be much more likely to envision and execute creative strategies to realise your dreams.

Since your health and wealth go hand in hand, it’s important for you to work on your physical, mental and emotional fitness in order to attain true financial fitness. Next week, we will look at some practical tips that can help you to maintain your well-being and manage your wealth.

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, April 16, 2015

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl