Nowadays, a lot of people have poor sleep habits. In order to get a good night’s rest, you’ll need to get rid of distractions first. This means that you should turn off your TV and laptop, and put your smartphone on silent. It’s imperative that you get seven to nine hours of sleep each night in order to protect your physical and mental health. Keep in mind that a lack of sleep can lead to numerous health problems, including cardiovascular disease, diabetes, and obesity. On top of that, it may negatively affect other aspects of your life. Here is how a lack of sleep can have a negative impact on your finances.

A Lack of Sleep Leads to Low Energy Levels

When you have enough energy to stay active throughout the whole day, you’ll be able to have a higher income. Apart from increasing your chances of getting a promotion by being efficient and productive at work, you’ll also have energy to earn money from a side hustle. For instance, you can start freelancing, build your own business, or find good ways to invest your money. There is no point in your job being your only source of income, when it’s easy to start a business or try different short-term investment ideas. Simply by increasing your energy levels, you’ll be able to boost your income.

Apart from sleeping between seven and nine hours each night, it’s recommended that you start going to bed at the same time each day. Know that your body follows a circadian rhythm, which relies on consistency. This is exactly why going to sleep at the same time each night will help improve your sleep habits.

A Lack of Sleep Leads to a Decline in Cognitive Function

It’s extremely hard to be productive and efficient at work if you don’t get enough rest. Keep in mind that a lack of sleep is linked to a decline in memory, focus, and decision making. When you’re unable to focus, you instantly start thinking about other things and try to avoid work. This can lead to overspending on coffee, energy drinks, and snacks that you consume out of boredom. All of this can have a negative effect on your finances. Not to mention that you’ll hardly be able to advance your career if you aren’t productive at work.

Simply by improving your sleep habits, the connections between your brain cells will get stronger and you’ll notice a boost in brain function. With better focus and memory, you’ll be able to pick up new skills at work and put them to use. It’s worth mentioning that in 2016, a study conducted by two economics experts was published that concluded sleeping more leads to increased wages. Their research found that just a one-hour increase in weekly sleep can raise your pay significantly.

Sleeping More Will Lead to Fewer Medical Expenses

In 2014, the National Sleep Foundation released the findings of a study that linked insufficient sleep to poor health. This study found that only 27% of people with poor sleeping habits reported good health. A lack of sleep is known to cause a number of health problems, including high blood pressure, weakened immunity, as well as an increased risk of getting diabetes and cardiovascular disease. Since sleep deprivation will also have a negative effect on your cognitive function, you’ll be more likely to suffer accidents on the road or at work.

However, you’ll lower the risk of experiencing any of these problems simply by sleeping more. Know that suffering from serious health problems means that you’ll have to visit your doctor frequently and spend a lot of money on medication. This means that you won’t be able to come into work as much as before.

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