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.
How to: Save Big Money by Sleeping
Melbourne
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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Comments (19)
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("losing", not "loosing". "Loosing" isn't even a word!)
view *heather leaf*'s profile
>
Thank you!!!! Sometimes I think I'm the only one fighting the tide of bad grammar and sloppy spelling~!
view wanderinglight's profile
maybe they spell some words different there.
try spelling aluminum in england....
did you read the whole thing at least?
view andrasklang's profile
As to the idea. Much of what you say is correct. In my case, my 28 mile drive takes about 30 minutes at 6:00 and about 45 at 6:30. So I get to work earlier and can split earlier. I may actually spend more on gas because I am hauling a** at 6:00 and dragging same at 6:30.
I have to confess that sleep is always wonderful, but how do you get that money into your mortgage, I mean really? It's all water through my fingers.
view Usbek de Perse's profile
While I agree to some extent with the premise of this, some of the assumptions and details here are a bit off for me. For example, just because you don't spend $9 to eat out at lunch doesn't mean that you saved $9. You still need to eat lunch, although it will be a cheaper lunch, say $5. So instead of saving all $9, you might save $4. Other things, like shopping around for a gift, don't always save as much money as one would think. For example, think about the gas that you use driving from one store to another to find the lowest price or another gift. Also, as the poster JennyB points out, a person doesn't have a sleep-related visit to the doctor once a month. So, yes, lack of sleep may have an impact on your day-to-day finances, but not an average of $300 a month.
Also, I think that there are bigger problems with sleep deprivation that lead to economic consequences, namely decreased daytime productivity and a greater tendency toward depressed or irritable mood. Both of these things might impact your personal finances in an indirect way.
view burpchick's profile
lighten up people. this is a fun post to get people thinking creatively about how they could save money. plus don't we all need more sleep?
view ammanda's profile
Right on, Ammanda. Cute post--and good points. If I could wake up an hour earlier I could take the train to work which would save me a lot of money in gas and vehicle wear and tear. The train is paid for by my work! But going to bed at 9:30 is difficult for me--especially since the train won't get me home until after 6PM. *sigh*
view BetterBombshell's profile
why pick this photo for a post about getting restful sleep? that bedroom is way too stimulating for me!
view HeatherAB's profile
I'm going to bed.
view home body's profile
ditto home body
view RalphEMole's profile
just don't get too much sleep. Studies have been conducted and have found that the "ideal" amount of sleep is around 7 hours. Sleeping less and sleeping more can take a few years off your life. I can't remember the exact figured, i took the book back to the library.
Although in essence (and in a morbid way) sleeping a lot more would save you money in this way if you think about it, you're just not around as long...
view jmorey's profile
If this is all true, then how come I am not a millionaire by now? :(
view La loca's profile
thanks,this my site
çiçek siparişi
view çiçekçi's profile
The more sleep you have, the less you have to put the heating on!!
view Sian's profile
Oh yes, and that whole 8 hours thing has now been shown to be obsolete.. it's the average people sleep but that doesn't mean it's right for you. Some people need more and others less (in general, younger people need more and older people less, but there are also individual differences). Sleep specialists have made it clear now that you shouldn't try to stick to the 8 hours that people think you should, but instead find what works for you.
view Sian's profile
Like 'make lunch' a great way to save money is to buy a coffee maker prepare a cup or two at night switch on while you dress and avoid the coffee shop in the morning. You can save a substantial amount painlessly.
view hrhprincessfiona's profile
We have started a "Salad Club" at work. Everyone brings something for a salad. This week I brought a large tub of spring greens from Sam's Club as my contribution. It is very good and with everyone bringing something it is not costly at all to participate. A lot less than $5 a day!
Good tips. Also: sleepy drivers have more accidents. Car accidents are very expensive!!
view whitexb's profile
The best way to save money is to get rid of the car! I live 20 minutes walk from my work and save around $1000 a year in WOF, Registration, tyres and repairs a year (I live in New Zealand), add to that the cost of fuel which is currently $1.90NZ a Litre and parking which is $4.50 for 9 hours in the carpark outside my work (which is the cheap one), then the parking ticket you get when you forget to move your car after three hours as the parking ticket only lasts that long and the meter maids are absolute terrors.
This theory is proved by my Assistant Manager, He parks his car in this carpark, lives about the same distance from town as me, earns about another half as much as I do, has a wife who earns TWICE as much as I do, doesn't own his own property like I do, has a boarder and STILL cant afford to buy whatever takes his whim like I can.
And what makes me have the energy to walk everywhere? Getting enough sleep of course!
view Kim and Matt's profile
Mortgage has been become very frustrating. tuerkei urlaub
view leonitis's profile