Is there a connection between finance and fitness? Ellie Kay and Danna Demetre say yes and spell out the principles that are good for your wallet and good for your body. Listen as America’s Family Financial Expert Ellie Kay joins us to talk about the latest book she’s co-authored called Lean Body, Fat Wallet. She shares from her own experiences which prompted her to write this book:
“I didn’t do a credit report before I married my husband. [As a result] we had really difficult times for the first part of our marriage. Within 2.5 years, on a military income, we were able to pay off all our consumer debt and we’ve lived debt-free ever since.”
Highlight – The ‘3 d’ principle
Financial and physical fitness
Ellie lists four habits we need to incorporate into our lives to achieve health:
1. “You are what you think” habit – a foundational habit. It takes 21 days to begin to change our thoughts. If you tell yourself “I’ll always be overweight/in debt, it will never change” then it will affect how you approach life and finances. The overarching principle here is the Scriptural command to “take every thought captive.” As we start to recognize and counter-act the lies we think, new habits are formed.
2. The 3 D habit – determine, distract, and delay.
Determine what you REALLY need when you’re shopping.
Avoid areas of distraction in the store – the bakery, the dollar bins, etc.
Delay impulse purchases – if you see something you’re tempted to buy, put it off for a day or two. If you still want it after waiting, then you can go back and buy it.
3. The in and out habit – keep track of your intake vs. output. When it comes to eating, make sure you’re burning more calories than you’re consuming each day. When we think of finances, make sure your paycheck is more than your bills.
4. The sustainable lifestyle habit – think about incremental change over time. Long-term, is this type of spending sustainable, or will it squeeze my budget and empty my savings five years from now?
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