Here's an interesting piece form MSN Money that says you can save a bundle of money by losing weight. They talk about the issue from a national standpoint (What if no one in the country was fat?) and come up with a pretty big savings number:
Imagine a lean and healthy America: The savings on medical, fuel, food and other costs would be enough to give every U.S. household more than $4,000.
Read another way, if you're overweight and you lose to get back to your desirable weight, you could pocket $4,000! That's per year, by the way, so it adds up to being a pretty good deal ($200k at 9% for 20 years.). Not to mention you'll live a longer, healthier life. Looks like you'd win all the way around!
Most people lose weight for health reasons, but I'm curious: anyone out there lose for financial reasons?
Note: For those of you who watched "The Biggest Loser" last year, one guy did lose his weight for financial reasons -- he couldn't get on the company health insurance plan unless he got to a certain weight. he lost a ton of poundage (I think over 100 pounds) and made the weight needed to get insurance.
A link in that article says that an EXTRA 1 BILLION gallons of gas is used each year because of weight gain! So, I wonder what would happen to the price of gas if the US didn't need that extra 1 billion gallons. My initial reaction is that due to less demand and greater supply, the price would decrease. So is it safe to say that some part of the high gas prices is attributed to overweight american?
Posted by: tom | June 20, 2008 at 09:04 AM
A link in that article says that an EXTRA 1 BILLION gallons of gas is used each year because of weight gain! So, I wonder what would happen to the price of gas if the US didn't need that extra 1 billion gallons. My initial reaction is that due to less demand and greater supply, the price would decrease. So is it safe to say that some part of the high gas prices is attributed to overweight american?
Posted by: tom | June 20, 2008 at 09:04 AM
When I worked to lose weight last summer (lost 45 lbs.), I definitely considered the financial ramifications.
When I had priced life insurance for myself and my husband, mine was more expensive though he was 8 years older and has asthma. I didn't want to pay double his rate - so I worked to lose the weight. I also wanted to be healthier, but the life insurance policy rate difference really hit home for me that my excess weight was a financial burden.
Now, the price of mine is comparable to his, probably since I'm still considered "overweight" on BMI charts. But I feel much better, look better and am paying more than $150 less per year on term life insurance.
This summer I need to work off the few pounds I've put back on, and maybe make it into the coveted "healthy" range - maybe can save even more!
Posted by: Michelle | June 20, 2008 at 09:12 AM
I think losing weight costs money. I reached my 'adult' height (i still grew one last inch after that) at the end of freshman year in college. I had my entire wandrobe based on that. I lost 20 pounds the following year; I've only now that I'm out of college able to really afford to have a full wandrobe with 'thin guy' clothes.
Staying skinny is way cheaper than getting heavy now though. For the clothing reason, if not anything else.
Posted by: Kiran | June 20, 2008 at 09:24 AM
I personally have found the opposite to be true. I find it difficult to afford to lose weight. You see, I am trying to eat healthier. Unfortunately, fresh produce, wheat bread (instead of white), wheat pasta (instead of white), etc, etc all costs MORE! It is actually cheaper to eat unhealthier.
Posted by: Patty | June 20, 2008 at 09:25 AM
Eating healthy is only one part, and, I agree, it is a little more expensive. HOWEVER, going for a run or a jog or a walk... FREE.
Posted by: tom | June 20, 2008 at 09:34 AM
Makes perfect sense. I'd like to add the savings we will get on medical assistance. A healthier body means lesser meds.
Posted by: bad credit loans | June 20, 2008 at 09:44 AM
I agree that eating healthier is more expensive and that many exercises are free, however as you progress in fitness you tend to spend money (yes, probably less money than you save in the big picture) on exercise "stuff".
For example, I am training for the Chicago marathon and it costs $110 just to register for the race. Add in a $300 plane ticket, $150 night hotel stay, $80 shoes, and when several other training gear items that you really do need when doing that kind of training it can jump up pretty quickly. The same is true with swimming, weight lifting, and most other activities. I only point it out because it is not always free to exercise as some initially believe.
Bottom line - I believe it is better for your well being and finances to stay healthy!
Posted by: Scott | June 20, 2008 at 09:47 AM
I just wish my company's insurance excluded the morbidly obese, like the guy on Biggest Loser. Then I would save money, and he would have to get in shape, saving us both!
Posted by: dogatemyfinances | June 20, 2008 at 09:49 AM
Imagine how much less fuel it would take to fly your rear and your gear if you packed light and dropped 20 pounds?
IMO, airlines should charge people accordingly for all the weight they bring on board. Charge a higher ticket price and then give refunds to those whose total weight (body plus all luggage) is below some amount.
Posted by: Julia | June 20, 2008 at 10:10 AM
This makes sense, but there is an opposite side. When I lost weight - about 18 pounds, but this was all I needed to lose - I had an immediate increase in the amount of money I spend on clothes. When I was size 14, I hated how everything looked on me, I hated the styles that I was trying to wear to hide it. I happen to like clothes that show off waist, but this looks really bad when you are overweight. But when I got to size 5, no matter what I tried on, it looked great. The first few months after I lost weight I bought lots of new clothes.
Whenever I gain a couple of pounds I go into "there is no way I am buying anything this size" mood, so I stay away from clothing stores. I am in one of these moods now. Nothing major, maybe 4 pounds more than I like, but enough to not even want to look at clothes.
Regarding airlines: some of them do charge the cost of two tickets for those who cannot fit in one. Sometimes they enforce it, sometimes not. Once I flew on an airline that didn't have this policy. The guy next to me raised the divider between our seats and took half of my seat in addition to his. Not a pleasant experience. I tried my best to squeeze in half a seat but it was tough. At least it wasn't a long ride.
Posted by: kitty | June 20, 2008 at 09:18 PM
my mom have over weight and now she try to can be slim, but finally, my mom is sick. So, my mom don't try again. She think, big is beautiful :)
Posted by: gadis | June 21, 2008 at 01:38 AM
Nothing scientific, but probable. I can see the benefits of losing weight:
1) Eating less yields less cost in food.
2) Driving less yields less cost in gas.
3) Smaller clothes yields less cost in clothing.
4) Walking more: free exercise.
5) Less weight for the car is less cost in gas.
6) Less wear and tear on furniture.
7) Not raiding the fridge as much. Less energy use?
8) Less health problems; less wear and tear on the knees and joints. Less medical expenses.
9) Fit people are able to tolerate slightly higher A/C temps and tolerate slightly lower heating temps, this yields energy savings.
10) I suppose there are more, depending on what the imagination yields.
Posted by: Betty Chambers | June 21, 2008 at 06:32 PM