Money Talks Podcast: How much should you be spending on your health and wellness?
Singapore is home to a US$12 billion wellness economy, according to the Global Wellness Institute. How much of our personal income should we spend on health and wellness?
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Yoga, pilates, massages and facials – these are some of the offerings in a growing health and wellness industry in Singapore, all in the pursuit of staying healthy. But how much is too much for this portion of our expenditure? And what are the must-haves in your wellness budget?
Kenneth Lou and Dr Ryan Ware from Mito Health break down their spending in this episode.
Kenneth Lou on why he puts 20 per cent of his annual income into a health budget:
COVID was the time when I really said ... if I'm going to spend this amount on insurance, shouldn't I be spending the same amount on preventive strategies? ... So I created the budget for it.
Jump to these key moments:
- 2:01 Why are Singapore residents spending so much on health and wellness?
- 7:30 Making a health budget
- 12:07 What to spend on
- 13:50 Mental wellness
- 15:42 Can you be over insured?
- 20:41 My company is paying for health benefits, do I not budget for my own?
Source: CNA/ta
