Are you one of the many people that lie awake at night and think of nothing but your Financial state? A 2017 survey found that more than half of the American taxpaying population lies awake at night because of financial related stress. And let’s not lie to each other. Most of us have spent some sleepless nights because we did not know how we were going to pay the rent at one point or another. It is nothing to be ashamed of. Money (or the lack thereof) causes stress. Moreover, as we all know, stress causes sleepless nights. That is why having financial security is not only important for the future of your children. But it is also crucial for a good night’s sleep!

A Vicious Downward Spiral

Interestingly, when you don’t sleep enough you are more prone to make irrational financial decisions. So losing sleep because of finance-related stress can spiral into a really vicious cycle! In 2009 two psychologists published a study on the effect that acute stress has on people’s financial decision-making capabilities.  They found that under stress, people tended to take riskier investment options. In other words, if you are stressed out about your finances, it is easier to make bad financial decisions! Furthermore, when you are sleep deprived your body cannot cope with stress. On the contrary, sleep deprivation leads to the excretion of cortisol, one of the main stress hormones. So it is a double whammy. Stress leads to losing sleep leads to stress leads to bad decision-making leads to financial loss.

A 2011study, published in The Journal of Neuroscience, suggests that sleep deprivation leads to increased brain activity in the ventromedial prefrontal cortex. This is the area of the brain that deals with how likely a certain action would have a positive outcome. But at the same time, this study found that there is decreased brain activity in the anterior insular cortex, the region of the brain that assesses negative outcomes. In other words, when you lose sleep, your brain can befuddle you by being overly positive. So where, if you had a proper night’s rest, you would not be taking financial risks, you will be more prone to taking said risks if you did not sleep properly the previous night.

As you can see, sleep plays an important role when it comes to making financial decisions!

Typical Causes for Financial Stress

We’ve already mentioned that a whole lot of people stress about money. Unfortunately, it is one of those things that won’t go away soon, if ever. In our modern society where “time is money” has become the norm, how can you not stress about it, right? For some people, it is so bad that they feel guilty if they do something for pleasure. Because not only are they spending money, they are also not making money! But I think that is going overboard. I mean, why make money if you can’t spend it sometimes?  However, I am not a financial advisor so don’t take my word for it (although I do lead a happy, healthy life).

Okay, so what is the big fuss? Why do people stress over money so much? Let’s take a quick look at typical reasons for financial stress:

• Ever increasing debt levels
• Bad investments
• Limited or no savings
• Where will my money come from when I stop working
• Inconsistent salary
• Peer pressure (yes, your eyes didn’t deceive you. Peer pressure makes people buy all sorts of expensive goodies that they can’t really afford.)
• Bad/no financial planning
• Impulsive spending

These are just some of the things that cause finance-related stress. However, it is quite easy to turn it all around! You don’t have to be a slave to your money. There are steps that you can take to rein in on your spending. For instance, when you receive your salary, immediately put 10%  of it in a notice savings account. These accounts don’t allow you to simply withdraw money at a whim. You normally have to give a couple of day’s/month’s notice before you can access your money.

More Tips on How to Save Sweet Moola

So the structured savings account is one option. Here are some more tips on how to manage your finances:

• Before you buy something, ask yourself if you need it or want it. If you need it, fine. If you want it maybe think twice.
• Instead of following your own head when it comes to investment, go to a qualified brokerage firm for advice. Unless you are a financial guru, of course. Then you are welcome to leave some investment advice in the comments below ;p
• Invest in a retirement annuity to have some peace of mind for your old day.
• Sleep the prescribed 7-9 hours every night, so that you can make financially sound decisions.
• Don’t buy that new car just to one-up your neighbour.
• Instead of eating out every night, plan your meals and buy the ingredients from your local grocer. You’d be amazed at how much money you save on (not) eating out.
• Don’t make debt for something that won’t yield solid returns. For instance, you can make debt to buy a house (as long as you can pay off the debt). But don’t make debt to join a pyramid scheme.

Do you think you can do it?

It is probably easier said than done, but you can limit your spending and increase your savings if you put your mind to it. And if you manage to get proper, restorative sleep every night. If you are currently experiencing financial stress and struggle to sleep, go browse through our sleep school to find out how to go about setting up a healthy bedtime routine and to get your sleep hygiene on par. Even with high-stress levels, it is still possible to get in a good night’s rest if you prepare properly. Check out my blog post on what to do when you can’t sleep!

Also, if you are still not convinced that getting enough sleep is important, click here to find out why you are mistaken.

How Does a Bed Influence the Quality of Your Sleep

Here at The Mattress Warehouse, we are quite serious about your sleep. We want the absolute best for you when it comes to beds, bedding and sleep in general. That is why we spend so much time and effort to educate our readers on the importance of sleep. Moreover, since we are talking about sleep, it is probably a great time to discuss the importance of beds.

For some reason, a lot of people think that buying the first, cheapest bad that comes along is okay. Well, let me tell you that it is not! Your bed is of the utmost importance when it comes to sleeping. Shouldn’t that be obvious? If you sleep the recommended 7-9 hours per night, you spend almost a third of your life in bed. Don’t you think that warrants having a quality bed? People spend hundreds of thousands of Rands to buy fancy cars when cars stand around and look pretty for about 95% of the time. But they skimp on beds because obviously looking successful is much more important than making the right financial choices and actually becoming successful. Remember, if we sleep enough we tend to make better choices, moneywise.

Invest in a Proper Bed

And that, ladies and gentlemen, is why we propose that you rather invest in a quality bed set than in a grand car, a fancy-looking smartphone or even those designer shoes that you might wear once or twice. That is why we offer credit to people who cannot afford to purchase the bed that will help them get that badly sought after, restorative sleep! Now you will probably immediately think that we have double standards. First, we tell you to avoid making debt and then next thing we tell you to make debt with us. I can understand if you feel this way. But allow me to defend our position before you jump to conclusions.

Our position is that you should not make debt to purchase things that you do not need. But everyone needs a properly built bed that suits their favoured sleeping position. Not all beds have the same comfort rating and as such, some beds are better suited to back sleepers. Whereas other beds are better for side sleepers and so on.

Ready, set, buy a bed!

Now that you’ve decided to invest in a proper bed, it is time to do some research! Before even visiting a physical Mattress Warehouse store, get clued up on which types of beds are best suited for your sleeping position. For instance, if you sleep on your back, firmer mattresses are a better option than soft and plush mattresses. Once you know which comfort rating to target, head down to the closet Mattress Warehouse and try out the different beds in your price range and comfort level. Otherwise just read through the product descriptions of the beds that fall within your price range and make your purchase via the online store.

The Mattress Warehouse Account

Great, you made the choice and you are ready to make your purchase. But you do not have all of the money that you need at hand. Thus you opt to go the Mattress Warehouse account route. These accounts provide customers with an alternative payment option, allowing them to buy any item at The Mattress Warehouse (online or in-store) on account. Once the purchase is made, the customer has 18 months to pay the balance. But he/she can, of course, pay off the account sooner too. FeverTree Finance operates Mattress Warehouse accounts.

So, how do you go about getting credit to purchase your dream bed? There are three ways to apply for credit at The Mattress Warehouse:

• SMS Signup: Clients have to send an SMS with the following format – South African ID number*Gross monthly income to 45180 (pre-approval in 30 seconds). You can then complete the full application on your mobile phone.
• Online Signup: Click here
• Physical application form: Find these forms in store. Once completed, send the form with accompanying documents to [email protected]

Once your Mattress Warehouse account is processed and FeverTree has done the necessary checks, you will be notified of the facility you have been granted and will be ready to use your account immediately (no waiting period).  FeverTree Finance is a registered credit provider (NCRCP6072).You need to be between the ages of 18 and 65, earn a minimum of R5 000 a month and be a responsible credit user to apply.

And there you have it, folks! Start sorting out your sleeping problems, so that your financial problems can dwindle as well.

Sleep well!

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