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Budgeting for Health & Wellbeing Expenses: Plan for Medical Costs with Confidence
Over the last few weeks, we’ve been reviewing different budget methods for folks whose income may be a little unusual. These include:
- Budgeting on a Variable Income
- Budgeting for Small Business Owners
- Budgeting through Life’s Transitions
This week, we’re moving from those high levels into some more tactical thoughts around specific budget categories. This week, we’re going to turn our focus to budgeting for health and wellbeing.
In the grand scheme of things, our budget is a tool for our health and wellbeing. We budget for basics like food and shelter. As I shared in my article on my housemate and I undertaking a monthly food challenge in February, I’m lucky to be food secure and not have to worry about where each meal comes from.
For most of us, when we think about our healthcare from the standpoint of our budget, it’s more likely we’re thinking about things like insurance premiums and co-pays, or unexpected medical bills. Having a clear plan for your health and wellness budget can bring peace of mind.
By thinking ahead and using tools like YNAB, HSAs, and FSAs, you can create a financial safety net that keeps you prepared for whatever comes your way —…
