It might be challenging to get a good night’s sleep when you are under financial pressure. Additionally, the COVID-19 pandemic has made this issue worse for many people, making it more difficult to get enough sleep. Excessive debt, unforeseen expenses, a lack of financial literacy, and problems with money management are a few of the leading causes of financial stress.
Financial stress can be identified if you experience stress or anxiety over money matters or worry about being able to support yourself and your dependents financially. It’s crucial to remember that financial stress can harm the body physically. For instance, severe financial stress might result in migraines, weakened immunity, high blood pressure, and digestive problems.
Poorer sleep is a result of all these negative consequences, which amplify current problems and causes new ones. Additionally, financial stress can harm your mental health, resulting in worry and despair, which can make it challenging to obtain a good night’s sleep.
However, these problems can easily be overcome by effectively managing your finances and thereby ensuring yourself a good night’s sleep.
How Does Financial Stress Impact Sleep
Financial stress can cause sleeplessness, which, if untreated, can develop into a chronic condition. Patients with insomnia are unable to get at least seven hours of sleep, which is what most people regard to be a complete night’s rest. Financial stress, for example, can lead you to wake up early and make it difficult for you to fall asleep and stay asleep. This is how insomnia often begins. Your quality of life may suffer, and your risk of developing depression may rise.
Making bad choices:
Making incorrect decisions can result from a lack of sleep. This may make your debt issues worse, which may make you feel more financially stressed and make it harder to sleep. People who are experiencing financial strain may develop bad behaviours including binge drinking, drug usage, and overeating.
Depression and obesity:
College students who are under financial pressure often work longer hours, which results in less time for sleep and a higher risk of depression. It affects eating decisions as well, which can increase the risk of obesity.
Anxiety, which is a result of financial stress, can increase your body temperature, and heart rate, and affect the response center of your brain. Since your body needs to be relaxed to fall asleep, anxiety is harmful before bed.
Guidelines To Reduce Financial Stress
Engage in sound money management:
You should follow the principles of sound money management. It includes the following aspects, according to the National Financial Educators Council:
- Preparing and following a budget.
- Maintaining emergency funds available.
- Actively pursuing strategies to accomplish your short- and long-term goals
Create a personalized budget that you may change as needed. It will assist you in avoiding reckless spending and financial overload. To accomplish this effectively, arrange your bills to reduce the probability that you will forget to make a payment before the deadline.
Create an emergency fund:
It is advised to create an emergency fund that can cover your living needs for two years and is safe and liquid. This provides you with a safety net in case you incur unforeseen expenses or lose your job. You may be able to take advantage of investment opportunities if you have an emergency fund.
Make a note of the items you frequently buy that you could purchase for less money to start saving for an emergency fund. Then, total the money you saved by purchasing those items for less and put that money toward paying off your debt. You can prevent using the money to make risky purchases by taking it out at the start of the month as opposed to the end.
Reducing the usage of available credit limit:
By using a lesser amount from your credit limit, you can save money without affecting your credit score. By doing this, you can lessen the pressure of paying off your credit card debt. You risk paying too much interest if you exceed your credit limit. This is particularly true if you merely make the bare minimum payment each month.
Opt for debit cards:
Credit cards are necessary for building a credit score, but they have their drawbacks. Consider switching to debit cards if you’re using credit cards to incur debt. Debit card purchases are made directly from your bank account, thus there is a fixed overdraft limit on how much you can owe.
Invest with expendable funds:
Saving and investing for your retirement can be advantageous, but you should only do it with funds that you can afford to lose. Make sure you have enough cash on hand to cover your expenses before investing in dividend stocks or REITs. You run the risk of losing your home if you don’t pay your payments on time, and you’re also more likely to exceed your credit limit or accumulate debt.
Practice Good Sleep Hygiene
For a healthy brain, quality, deep sleep is essential for its restorative effects. By allowing your thoughts to rest, sleep might lessen your financial stress. It’s crucial to follow good sleep hygiene if you want to get the finest sleep possible. Here are some suggestions for excellent sleep hygiene:
- Establish a sleep and wake time that you adhere to every day of the week, including weekends.
- Practice a relaxing bedtime ritual that includes activities like light reading or meditation.
- Keep your bedroom cool and dark. Only use it for sleeping.
- Engage in physical activity such as exercise and yoga during the day to promote restful sleep at night.
- Avoid using screens at least one hour before bedtime.
- Wash/change your bedsheets once a week.
- Purchase a quality mattress that does not burn your pockets. You can buy mattresses online or also opt for offline purchasing. Top mattress brands such as The Sleeping Company, Wakefit, and Sleepy Cat offer premium mattresses at affordable prices.
- Opt for affordable sleeping solutions such as a pillow and adjustable bed to ensure quality sleep without any impact on your finances.
Utilizing debit cards, making a budget, setting up an emergency fund, and other pointers mentioned above will help lower your financial stress, which in turn can help you get better sleep. It is always advisable to consult a doctor along with a financial expert if your sleep remains affected despite following a sound financial plan. It may take some time, but it is not impossible, to lessen your financial stress and ensure quality slumber.
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