Not sleeping? It could affect your finances
This month (March 2018), it’s National Bed Month, a campaign focused on the importance of a good night’s sleep. One reason why you might not sleep properly is money worries. And staying awake can lead to further bad financial decisions.
That’s because when you’re not sleeping properly, your mind isn’t working as it should be. This means it’s harder to think straight – and this could be bad news for your money.
We’ll show you how a lack of sleep can mean you don’t make the best financial decisions. And if you’re in this situation, we’ll let you know how you can turn things around.
How sleep leads to bad financial decisions
Studies show that a lack of sleep can affect your brain. When you’re sleep-deprived, the areas of your brain you use for making decisions and concentrating don’t work as well.
If you’re already struggling with debt, not sleeping properly can make it harder to get back in control of your finances. You might just apply for more credit instead of tackling the problem. And if the lender thinks you can’t cope with any more borrowing, they might refuse you for credit.
This could lead to a situation where you keep applying for credit you can’t get, and you keep causing further damage to your credit score. In this situation, it can be difficult to see a way out.
What can you do to change things?
Struggling with a lack of sleep can be tough and if you have debt troubles, it can make matters worse. You could be more likely to make bad financial decisions if you can’t think properly – but things don’t have to be this way.
Getting debt advice can help you take back control of your life and your finances. You can take a look at your options forwards and start to work towards a place of sustainable financial wellbeing for the future.
If you’re worried about money, you can get in touch with Harrington Brooks by calling 0800 048 1764. You can speak to an advisor confidentially and free of charge about a range of debt and personal insolvency solutions.
By speaking to us initially, you are under no obligation to use our services.
If you do choose one of our solutions, fees, terms and conditions will apply. There may be also be consequences including restrictions on your expenditure and on your ability to obtain future credit.
The services that we provide may be available at no cost from government and charity based providers. You can get further information at the Money Advice Service website.