Ah sleep. It is one of those things that most of us dream about (literally). Remember the days before kids, a house and responsibilities when you could just sleep in whenever you wanted to? Yeah, me neither. My memory doesn’t go back that far. Still, I try to make every effort to get as much sleep as possible. My body needs it, and it saves me money. If you need an excuse to take care of yourself, this is a good one.
There are several ways that getting enough sleep has a direct correlation to saving money. People who get enough sleep are healthier. They are less likely to be obese, get diagnosed with cancer or experience heart disease. Their immune systems are stronger, too. There are a lot of money-saving benefits to being healthy. For one thing, insurance costs and medical expenses go down, so you spend less. Depending on your situation, that could be quite a lot of money saved. Being healthy means there are less time off at work, too. Since many employers reimburse their employees for time not used, you could get money back at the end of the year.
Another way that getting enough sleep saves money is the effect it has on your attention span and overall energy. With more energy and focused attention, you can get more things done, make smart buying and saving choices, and keep a healthy budget. Ever go to the grocery store or Christmas shopping the mall when you are tired? What happens? You usually just grab anything without worrying too much about price, just to get out of there quickly. Over time, these kinds of shopping trips can really add up and wind up costing you quite a bit of money in a single year.
Also, someone who is healthy, focused and full of energy is more likely to get a promotion at work than someone who is tired, distracted and just trying to get through the day.
So, if you worry about all of the things that you need to do to stay ahead, staying up late to accomplish them, realize that making sleep a priority may actually bring you closer to your financial goals.