A study conducted by researchers at the University of Bristol, UK, found that individuals who save money on a regular basis tend to sleep more soundly than those who don’t. This improvement in sleep quality was observed regardless of the amount saved, suggesting that the act of saving itself, rather than the sum, is what matters most. People who saved felt more relaxed and optimistic about their future. These positive effects were particularly notable for working-age adults and those with lower incomes.
Why does saving money translate into better sleep?
Often when you don’t have a savings cushion and meet any difficulty, such as a weird noise from your car or the HVAC not turning on when temperatures drop, the first thought can be how much is this going to cost. Researchers found that having a savings buffer provides peace of mind, making it easier to relax and fall asleep.
In addition, actively saving can promote other good money management habits. Taking that first step may help give people the confidence to tackle their credit card debt or begin saving for larger purchases, such as a house or car.
Savings challenges
Need help jump-starting your savings plan? Here are some challenges you can use that can quickly make a difference in your life.
52-Week Savings Challenge. This challenge involves saving incrementally over the course of a year. Start by saving $1 in the first week, $2 in the second week, and continue this pattern until you save $52 in the last week. By the end of the year, you will have saved a total of $1,378.
$5 Bill Challenge. Every time you receive a $5 bill, set it aside in a jar or piggy bank. This simple challenge can accumulate significant savings over time without requiring much effort.
No Spend Days. Designate certain days as “no spend” days where you refrain from any non-essential purchases. This challenge encourages you to plan ahead and can help build your savings if you redirect money that would have been spent into your savings account.
Weather Savings Challenge. In this unique challenge, save an amount equal to the highest temperature recorded in your area each week. For example, if the temperature reaches 70 degrees, save $70 that week. This challenge can be particularly effective during warmer months and adds an element of fun to saving.
DIY Challenge. Instead of paying for services like coffee or lunch, do these tasks yourself and “pay” yourself by transferring the amount you would have spent into your savings account. If you normally pick up dinner, you can make your dinner for a week and get a great start on your savings goal.
Savings Bingo. Create a bingo card with different savings amounts (e.g., $10, $20). Each time you save one of those amounts, cross it off your card. Once you’ve completed the card, you will have saved a substantial amount towards your goal. Another version of this: you can fill a bowl with 30 pieces of paper, each with a different dollar total on it. You draw one per day, and save that amount of money.
If you choose to start a savings challenge, consider involving friends or family for accountability and support. Make sure you track your progress; visual tracking – like the thermometer showing how much you’ve saved toward your goal – can help you stay motivated. While these challenges may not seem serious, they can help to change your habits in a fun way. You may be surprised at how easy it is to save, and how much better you sleep!
Photo by Towfiqu Barbhuiya