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6 ways lack of sleep costs you a fortune

It's not just the high price of caffeinated drinks that's taking a toll on your wallet.

By MSN Money Partner Sep 8, 2011 1:03PM

This post by Wise Bread comes from partner site U.S. News & World Report.

 

Sleep deprivation is never a fun thing to deal with. Feeling groggy when going about your day can make it less enjoyable and productive. But being sleep-deprived can also be a drain on your bank account. (See also: "5 effective sleep tips you haven't tried.")

 

Here are six ways lack of sleep can cost you money:

 

More accident-prone. Driving sleep-deprived can be as dangerous as driving drunk. Anywhere from 16% to 60% of car accidents involve a sleep-deprived driver, and 30% to 40% of all heavy-truck accidents are caused by fatigue. Additionally, if you haven't gotten enough sleep, chances are you are going to be a bit clumsier than normal, resulting in a higher probability of having an accident doing routine tasks around the home or office.

Increased medical expenses. People who don't get enough sleep are more likely to have health issues. People who don't get enough sleep are 15% more likely to have a stroke and 48% more likely to develop or die from heart disease. Additionally, people who sleep four hours or less each night have a 75% higher chance of being obese due to the fact that sleep deprivation can affect appetite hormones. Post continues after video.

Bad financial decision making. If you're tired, chances are you are more likely to make risky decisions. When you don't get enough sleep, you don't have as much dopamine in your system, which alters your decision-making skills. Sleep deprivation causes people to restrict their choices to decisions that promise bigger gains, which aren't always the best ways to accomplish positive results. In relation to your finances, this means that lack of sleep can alter the way you make financial decisions, causing you to make more risky gambles with your finances than you normally would. (See also: How do your finances stack up?)

 

Less success. When you haven't had enough sleep, your brain doesn't function as efficiently and isn't able to remember things as well. It has been shown that employees who have insomnia cost employers $3,225 more than employees who get enough sleep. It has also been shown that students who don't get enough sleep the night before a test don't do as well on the test as students who do. The overall GPA of a sleep-deprived student versus a student who gets enough sleep is 2.84 compared with 3.18.

 

Paying for convenience. When you are tired, you are less likely to take care of tasks on your own. Be it washing your car, making dinner or cleaning your house, if you are tired you are more apt to look to other people to take care of those tasks for you. Paying for people to wash your car, buying fast food, or hiring a housekeeper can add up quickly.

 

Caffeine costs. If you are sleep-deprived, you are more likely to shell out money for coffee or other forms of caffeine to help keep you alert throughout the day. If you buy espresso every day to help you stay awake due to sleep deprivation, you can end up spending upward of $5,000 per year, or if you buy drip coffee every day, you can end up spending close to $1,900 per year. You can save some money by figuring out which caffeinated drinks give the best bang for your buck. But ultimately, the best thing for your health and wallet is to get more rest.

 

More on U.S. News & World Report and MSN Money:

2Comments
Sep 8, 2011 10:26PM
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Four hours or less per night??  Dang.... if I get less than 7 hours I feel sleep deprived.  Four hours simply wouldn't cut it. 
Sep 12, 2011 3:30AM
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i sleep 3 - 4 hours everyday with no naps during the day .  maybe twice a month ill crash out for about 5 hours .   if i sleep longer than what i just said than i feel like im sleeping to much

 

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