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From our childhood, we are taught not to waste money and always go for the cheapest available option. But not all things that appear to be expensive are bad for your pocket. Some of the things have far fetching positive impacts, help us save us a ton of money in the future and boost our wellness.     

You can say that these are necessary expenses. Here we would like to talk about three areas of our lives where we should not think about saving a few pennies. These areas are physical, mental and financial aspects of our life. After all, you should not be ‘penny wise and pound foolish’.

Physical aspect:

In today’s mad rush of earning more money, we tend to ignore our body. We only pay attention when we are diagnosed with a particular health disease. The best way to keep lifestyle-related conditions at bay (and save thousands of rupees) would be to do any form of physical activity regularly. Studies have shown that physical activity is not just good for your physical health; it is also essential for your mental health. But before you take that annual membership in your nearest gym, it is crucial to understand what kind of physical activity would you like to do. If you love to dance, then Zumba or other dance classes can be the best fit for you. If you want to run in a marathon, you can join a marathon-training group.

It is also essential to go for regular health checkups along with your other family members as it can help to diagnose early signs of any disease. You can preventive measures and control the disease from blowing out of proportion. 

Mental aspect

Mental wellbeing is as important as physical wellbeing. When you are happy, you can give your best at your work life and increase your productivity leading to higher increment, bonus and more profits. A contented mind is essential not just for your work life but your personal life as well. There will be less emotional stress between the family members. Being stressed can lead to improper decision making, which can have serious consequences, especially in your financial life.

One of the best ways to have a calm and happy mind is through mediation. Meditation can help lower your stress level and clear your negative thoughts. Doing the things that you love can also lower your stress levels. Many activities and workshops on various art forms, outdoor activities are held every other weekend or make plans with your friends and family members. It will also strengthen the bond.

"People who are more socially connected to family, friends, and community are happier, healthier, and live longer than people who are less well connected," says Dr Waldinger, a psychiatrist with Harvard-affiliated Massachusetts General Hospital. Hence, it is a win-win situation in every aspect.

Investing in yourself through attending workshops, training programs, and reading is very vital in today’s world of cutthroat competition. Don’t rely solely on the training programs provided by your organisation and take initiatives to attend some of the best events within your industry. It will give you an edge over your colleagues who have not participated. Staying up to date with the latest happening in your industry and taking courses to upgrade your skills can go a long way in increasing your income potential. Books, workshops and courses are just one-time investment, and you can reap the benefits for many more years.

Financial aspect   

We have seen how investing your money in your physical and mental aspects can help you increase your income. But everything will come crumbling down if you don’t manage your money wisely. A financial advisor can help you do that. We may think that we can handle our finances, but when we are faced with not-so-good scenarios, we fail to make the right decisions. Such decisions may be investing in ULIPs to save tax at the last moment, investing in five ELSS funds, withdrawing money from your provident fund after the 15-year lock-in and shuffling between the high performing funds. All these financial mistakes can hurt your finances. A financial advisor will hand hold you and help you make the right financial decisions. With the right financial advisor, your life goals are within your reach.

These are the three aspects of life where being a miser can backfire. Remember to plan your budget properly so that you can have the best of both worlds.