Lack of Sleep Can Cost You Money

We live in a chronically sleep deprived society and many products exist to make things easier and keep us going. However, nothing is a true substitute for just getting some extra sleep. We all know that a lack of sleep can cost you physically, mentally, and emotionally. It can make you grumpy, slow your reactions, and impair your thinking skills. But lack of sleep can also cost you financially. When you’re chronically tired you just don’t have the energy to engage in money saving activities or make good financial decisions. Here are some ways that a lack of sleep can cost you money.

Poor decision making

When you’re tired is not the time to make decisions about things like investments, mortgages, loans, insurance products, and other financial matters. Chances are that you aren’t able to make good decisions. Your thinking is slowed, you’re too tired to listen to advice, and you aren’t fully understanding what you’re reading or hearing. When you’re making big financial decisions you need all your brain power so that you don’t get caught up in a scam, agree to unfavorable terms, or otherwise screw up your financial future. Rest up and then deal with it.

No energy to cook or grocery shop

You know how it goes. You come home from work too tired to stand up, let alone cook a meal or go to the store for ingredients so you order take out or throw the family in the car and head for a restaurant. This is okay once in a while, but when it becomes an every day thing, you’re going to spend a ton of money. Rest up so you have the energy to make meals or so that you can at least make some meals over the weekend and freeze them for the week.

Too tired to comparison shop

When you’re tired you don’t want to take the time to look for the best product at the best price. You just want to grab whatever you can and get out of the store. This applies to everything from groceries to appliances. It also applies to services like insurance, cell phone contracts, or banking products. You buy or sign up for the first thing you see and never look to see if you could have gotten a better deal. With proper sleep you’ll have more energy to hunt for the best deal.

You can harm yourself or others

If you’re tired and driving, operating tools or equipment, or doing work on someone else’s property, you can cause an accident that can kill or hurt yourself or other people. This can cost you big money in medical bills, property damage, and lawsuits beyond what your insurance will pay. You’ll have to pay higher premiums for insurance, as well, if you can find someone to take you on. You can be sued and, depending on what you’ve done, jailed. Get enough sleep so you don’t cause accidents.

No energy for even small DIY projects

Tired people often can’t find the energy to tackle even simple things like mowing the lawn, cleaning the house, or making minor repairs. Instead they either opt to replace an item that could have easily been repaired, or they outsource these tasks to contractors and services that charge far more than it would have cost to DIY. With proper sleep, you’ll have the energy necessary to tackle simple DIY tasks and save yourself some money.

Even small frugal activities are beyond you

You’re too tired to clip coupons, grow a couple of small container vegetables, take your aluminum cans to the metal recycler, or do any other of a thousand small frugal tasks. You don’t have to do everything, but when you constantly forego money saving activities because you’re too tired to bother, you end up losing money.

Higher medical bills

Chronically tired people often don’t exercise or eat right. It’s just too much trouble to take a walk or make a good meal. They’re also often over-stressed and catch frequent colds and infections. Chronic sleep deprivation has also been shown to play a role in everything from Alzheimer’s to cancer to heart disease. As a result of all this illness and lack of personal care, you can look forward to higher medical bills in the future.

Most experts agree that adults need between seven and nine hours of sleep per night for optimal functioning. It’s okay if you don’t get that much every night; some days are just like that and a quick meal out won’t sink your budget. It becomes a problem, though, when you’re constantly too tired to do even the little things that can save you money. Energy drinks and coffee won’t really help because they are just a temporary fix. If you’re relying on these things to get you through the day, it’s time to hit the hay. If you go to bed on time but constantly have trouble sleeping, see a doctor who can help you find the causes of your insomnia.

This entry was posted in Health, Personal Finance, Saving Money and tagged , , , , , , , , . Bookmark the permalink.

5 Responses to Lack of Sleep Can Cost You Money

  1. Dee says:

    Good article. People often think of sleep deprivation in terms of health but this article points out the financial costs. And the costs are real but the link is not always obvious. The author has pointed out many things that affect me often like the lack of concentration, grabbing quick food because you’re4 too tired to cook a meal, being too tired to go for a daily walk.

    On that note I am going to bed.

  2. Cathy says:

    I really struggle with this. I really feel like sleep is a waste of time and try to get by with as little as possible.

  3. baselle says:

    Its a double whammy if you lose sleep because you are watching late night tv or are doing online shopping. We are still primitive enough to not have ads in our dreams, hence sleeping is one of the few times when we aren’t spending money.

  4. Tim Cortez says:

    I have sleep apnea and never really get good sleep. The effect of this are mentioned above. It does take its toll on me as tiredness is a monkey I can never seem to shake. Plenty of coffee and energy drinks are consumed during my work week.

  5. Pingback: How Sex Saves You Money | Unfair Edge

Leave a Reply

Your email address will not be published. Required fields are marked *