A lumpy pillow, a hard mattress, and noisy neighbors aren’t the only sleep-stealing culprits in your life. Money issues can make it hard to get the recommended eight hours.
Many business owners like you have a complicated relationship with sleep. When it’s your professional good name and vision on the line, you’re more than willing to sacrifice some Zs to ensure things run smoothly.
However, insomnia can sting when you lose sleep over financial problems back at home.
3 Sources of Financial Worry for Entrepreneurs
General anxiety over the success of your business can be tenacious enough that it interferes with your sleep. But it’s more likely these tangible problems are the reason why you aren’t getting a restorative night’s sleep.
Sleep Woe #1: Daily Bills
A pile of unpaid bills can certainly keep you up at night. Not paying your bills has consequences for your business, after all. You can wrack up late fines and credit damage when you don’t send money in on time. Eventually, you may even experience service interruptions.
While it can feel like you’re out of control of an ever-increasing pile of bills, you can take steps to soothe your worries. Reach out to creditors to see if they’re willing to arrange a financing plan that delays or breaks up your payments.
Regardless of their answer, take some time to review your budget to see if you can cut any non-essential spending.
Sleep Woe #2: Unexpected Expenses
If expected bills pose a challenge for your finances, then unexpected purchases, fees, and services can throw you for a loop. It’s hard to prepare for surprise expenses when you live paycheck to paycheck back at home. Even minor expenses like parking fines and prescription medication can snowball into financial emergencies without savings.
If you can’t cover an unexpected expense on your own, visit an online loan platform like MoneyKey to explore their financial resources. You can visit their educational blog for tips on how to budget during an emergency or take advantage of their partnership with Springfour to search for free local financial resources.
If you need more practical assistance, you can also take advantage of their virtual application to see if you qualify for a loan online.
Sleep Woe #3: Debt
Unfortunately, too many outstanding personal loans, lines of credit, and credit cards can add to the first problem of the list. Unmanageable debt can weigh heavy on your mind and ruin a good night’s sleep.
A lending platform like MoneyKey recommends you take out a loan in emergencies as a way to minimize how much you borrow. Going into each loan understanding your rates and terms can also help you create a realistic budget that covers your monthly payments.
Another way you can manage your debt fears is by choosing a tried-and-true debt-paying method. Rather than throwing money at all your debts without any strategy, focus your attention on one account.
Which account depends on the strategy you adopt.
- If you choose the snowball method, you should pour all your extra cash into the account with the smallest outstanding balance while also making the minimum payments on all other accounts.
- If you try the avalanche method on for size, you should push your money towards the account with the highest interest rate.
Money is a common sleep-stealer. According to the AASM Foundation, a whopping 87% of adults have lost sleep over financial anxieties in 2021. But just because it’s common doesn’t mean it’s healthy. Consider the solutions shared here today to address the root cause of your sleep troubles, so you can get better shut eye.