Diana Kelly Levey

Getting Poor Sleep Could Have an Impact on Your Finances

A woman sleeping in bed

March 21, 2021 | Categories: ,

Getting good sleep and enhancing sleep quality is not only important for physical health but also your mental health. The right amount of sleep impacts health positively in numerous ways and so when you don’t get enough sleep, it can cost you thousands of dollars in preventable expenses over the years. Here are some aspects of your life that will feel the financial impact of short or poor quality sleep.

How Lack of Sleep Can Cost You Money

Your weight

It’s not just a daily doughnut’s impact on your wallet after a poor night’s sleep that adds up. Losing 30 minutes of sleep a day could lead to weight gain and negatively impact blood sugar levels, according to research. A long-term sleep debt can increase your chances of developing diabetes. People diagnosed with diabetes spend an average of $16,752 on medical bills and equipment per year, about $9,600 of that is attributed to diabetes, according to the American Diabetes Association.

Your memory

Here’s one more reason to go to bed instead of watching ‘one more episode.’ Science finds that sleep deprivation – even one night – can impact the region of the brain that controls learning and memory. When you aren’t able to retain information or concentrate, that could lead to short-term and long-term negative outcomes. From distractedly spilling coffee on your laptop to not remembering that task your boss told you to complete, short sleep costs you money. Your boss is probably looking for an energized employee that doesn’t drop the ball, so if a lack of sleep means you get passed up for a promotion, it could equal thousands of dollars in lost wages. Luckily, catching up on sleep can help rebuild those connections between essential learning neurons in the brain, according to a study done on mice.

Your happiness levels.

Anyone who’s experienced disruptions to their sleep at night understands how getting enough sleep impacts your ability to handle stressors the next day. Research has shown that most Americans would be happier if they were to sleep an extra 60 to 90 minutes per night. If your stress, anxiety or depression due to sleep problems requires therapy, that can cost over $20 a session depending on your health insurance. Prescription medications to help with these mental health issues can also add up depending on your insurance coverage. (Related: The Rise of Virtual Therapy During COVID-19)

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