Health is a priceless wealth, and including a sufficient allocation for health purposes in your personal budget is a wise move to create long-term stability and well-being. In this article, we will explain the importance of setting aside a portion of income for health and provide practical guidelines for designing a budget that supports health priorities.
Why is Determining a Share of Income for Health Important?
- Preventive rather than Curative: Designating a portion of income for health allows for preventive health care, preventing illness early rather than treating conditions that have already developed into serious ones.
- Long-term Investment: Allocation to health is not just an expense, but an investment in long-term well-being and productivity. Good health supports a higher quality of life and allows one to reach their full potential.
- Financial Resilience: Making health a budget priority helps build financial resilience. In the event of an unexpected event or urgent medical need, having a fund set up provides peace of mind and financial security.
- Physical and Financial Balance: Good health supports a balance between physical and financial well-being. Without good health, achieving financial goals may become more difficult.
Practical Guide: What Portion of Income Should be Designated for Health?
- 20-30% of Total Income: As a general guideline, financial experts recommend allocating around 20-30% of total income for health purposes. This includes payment of health insurance premiums, doctor visits, purchase of medicines, and periodic health check-ups.
- Calculate Major Health Needs: Consider the major health needs of you and your family. Calculate the cost of insurance premiums, routine medicines, and periodic check-ups. Make sure the allocation you set is enough to cover these needs.
- Prioritize Prevention: Pay special attention to prevention and wellness programs. This could include gym fees, healthy food, nutritional supplements, or physical activities that support overall wellness.
- Flexibility for Unexpected Events: Include some extra percentage for unexpected events or urgent medical needs. This provides additional financial flexibility and protection.
- Evaluate and Adjust Periodically: A health budget needs to be evaluated periodically, especially when there are changes in health conditions or financial changes. Adjust the allocation according to your needs and current situation.
Designating a portion of income for health is not only about avoiding unexpected health costs but also recognizing that health is an investment in a quality life. By designing a budget that reflects health priorities, one can build a foundation for long-term well-being and support a balanced financial vision. Making wise choices for health today is an investment that will pay great dividends for the future.