Are you perpetually sleep deprived? Chances are it’s affecting your finances – and not in a good way.
People who are perpetually sleep deprived have less self-control than their more well-rested counterparts. People who often get too little sleep also report lower well-being and poorer financial decision making.
Good sleep is linked to better mental functioning, including self-control – a key to financial well-being. Self-control helps you make better financial decisions by allowing you to consider both the short-term and long-term benefits of any decision (like using credit cards).
In a recent study, an MRI was used to study brain activity after participants lost a night of sleep and were put in gambling situations. The result: increased activity in brain areas that determine positive outcomes, and decreased activity in areas leading to negative outcomes.1 So, lack of sleep can cause us to feel overly optimistic about the choices we make, for example, whether or not we can actually afford something.
Insufficient sleep can also cost you in increased medical expenses: it is linked to the development of chronic diseases and conditions including diabetes, cardiovascular disease, obesity, and depression. Are you getting enough sleep? The National Sleep Foundation recommends that adults (26-64 years) get 7-9 hours per night.2 Making sure you get enough sleep can improve your financial well-being!
1 “How Sleep (or Lack of It) Can Affect Your Bottom Line,” www.moneytalksnews.com, February 5, 2015
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