It’s easy for your mind to wander – and not in a good way – when you’re about to fall asleep.
Often it will be filled with distractions during the day, but the stillness of the night can cause us to focus on our biggest concerns – and for most Brits, the cost of living crisis means those worries tend to be related to money.
We’re so concerned about the state of the economy that new research from Virgin Money has revealed nearly nine in 10 Brits say money worries keep them up at night, with 12% suffering nightly.
Women are also more likely than men to be kept awake worrying about their finances.
Even though the annual inflation rate dropped slightly from 9.2% to 8.9% between February and March 2023, almost one in four Brits are borrowing more money or using more credit.
On top of that, the prices of food and non-alcoholic drinks are rising at the fastest rate in 45 years, according to the ONS.
Despite the fact that the cost of living crisis is affecting those on lower incomes more significantly, the research found that people are struggling with money worries regardless of how much they earn.
To help prevent sleepless nights due to money worries, Katy Simpson, personal finance expert at Virgin Money, has partnered with Dr Hana Patel, a sleep expert at Time4Sleep, to share six tips for getting a good night’s sleep in the face of stress.
1. Don’t shy away from your finances
“When we’re confronted with something that’s causing us stress, it’s a common reaction for people to bury their worries and avoid interacting with their source of anxiety – in this case, their money,” Simpson says.
But, ignoring your finances could actually create more problems. For example, looking at your online bank account regularly could help you spot fraudulent activity.
“Or that you’re unaware of a bounced payment, meaning that you miss an installment which could incur a charge from the supplier and negatively impact your credit score, or that you’re in your overdraft,” she says.
Looking at your online banking allows you to be aware of any potential issues so you’ll be able to plan ahead.
2. Schedule daily ‘worry time’
Scheduling time to worry might sound counterproductive but it can actually allow your mind to process anxious thoughts, including money worries.
“Reflect on these thoughts by writing them down, as seeing them in front of you can allow you to address your concerns, recognise how unrealistic some of these scenarios are, and reduce any feelings of anxiety,” Patel says.
Writing your thoughts down can also help you find a solution to your worries.
“You can clearly see what actions you need to take to better manage your finances and ease your concerns, which can help you to feel more relaxed as the evening approaches,” Patel explains.
You can block out 10 minutes a day to do this so it becomes a daily practice.
3. Get the hang of budgeting
It might sound like a chore, but Simpson explains: “Taking some time at the start of every month to create a budget will help you to spend and save effectively, as well as allow you to spot and address any money issues in advance.”
Finding time to budget will allow you to save and budget for upcoming events or a large annual payment.
“Budgeting means that you’ll have factored these expenses into your spending at the beginning of the month and will allow you to plan accordingly around your financial commitments,” Simpson says.
4. Get used to talking about money
Let’s be honest, most of us don’t like speaking about money but we should all be speaking about our finances a little bit more.
“By practicing talking about your money with those close to you, you can get into the habit of saying ‘no’ to unnecessary expenses,” Simpson says.
“It’s not a bad thing to tell a friend that you can’t afford to go out this weekend or to explain to a family member that things are a bit tight around their birthday, but you’ll treat them after you’ve been paid,” she adds.
5. Have a routine
Having a sleep routine can work wonders for your pre-sleep anxiety. “Instead of allowing your mind to wander, you can focus on what’s next as part of your routine, whether that’s reading, running a bath, or going to sleep,” Patel says.
“This routine will also help to trigger feelings of tiredness while allowing you to properly wind down, and this works particularly well when the routine is repeated. Aim to keep a regular bedtime too, as this will help to solidify the routine.”