How to: Save Big Money by Sleeping

How to: Save Big Money by Sleeping

Jenny Butler
Oct 15, 2008

We were shocked and stunned when we calculated this today. By getting more sleep we will save $63,524 on our homes mortgage and have it paid off 5 years and 8 months sooner. Are you potentially losing this kind of cash by not getting enough sleep? Read below to see how to prevent this from happening to you.

While we have been improving our sleeping habits, they can still be all over the place. One night we get around 10 hours sleep but the next we might only get 4- it just depended on what we need to get done. However, we noticed that the more sleep we get, the more money we save.

Money Waster #1 – Food

When we're tired we tend to be a bit slow to get out of bed and then we don't have time to make lunch for us or our other half. We both have to buy lunch which cost us about $9 each or a monthly total of $72. Same applies for coming home, being exhausted and not wanting to cook. Take away for 2 is $35 and doing this once a week is $140 a month.
Total food costs $212

Money Waster #2 – Bad Health

The less we sleep, the worse we eat, the quicker we get run down and then we end up sick. We have to take time off work, visit the doctor for $60 and buy whatever prescription is prescribed [last one was $24].
Total bad health costs $84.

Money Waster #3 – Being Lazy and Forgetful

When we're sleepy, we're lazy and forgetful. Instead of hanging our washing on the clothes line, we put it in the dryer. We have longer showers because we forgot to turn the shower timer on. We leave lights or appliances on in rooms we're not in.
Estimated lazy and forgetful costs $10

The above 3 money wasters add up to $306 a month. While we might not get sick every month, we're sure we waste money in other ways [i.e. When shopping for gifts, buying the first thing we see instead of shopping around for a better price as we're just too tired.] When we started thinking about this, we were just wondering what kind of money we were wasting each month. Then we got thinking about what we could apply that money to and after thinking about how great a new kitchen would be, we moved along and thought of our mortgage.

This is where things get crazy. If we added that $306 a month towards our house mortgage, our mortgage would be reduced by 5 years and 8 months and a total interest saving of $63,524!

This thinking doesn't just apply to sleep or mortgages. In this uncertain time it's important to look at our budget to see where our money is going and if it's really necessary spending. Have a quick think about what you might be wasting money on and add up what it costs you each month. We used this easy mortgage calculator here or use an interest caluclator to see what would happen to your money if it was in a savings account.

Is not getting enough sleep a money waster for you? What else are you wasting money on? How much could you be saving?

[photo from A Bold and Colorful Austin Home! ]

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