It’s not just our partner’s snoring or a noisy neighbour that’s keeping us up at night. It turns out financial worries are causing us to lose precious hours of sleep.
New research by Australia’s largest credit union CUA has revealed that ongoing financial stress is a leading cause for poor sleep habits, with an overwhelming fear of not being in control of our monthly expenses topping the list of our money worries.
CUA Head of Communications & Community, Allison White, says the lack of barriers to our spending may be contributing to the issue.
“Our research revealed that the ease of spending money makes more than a third (37 per cent) of us feel anxious. In fact, one in three (33 per cent) don’t always stop and think about purchases before making them because technology has made the purchasing process so seamless,” Ms White said.
“This anxiety is absolutely avoidable. Becoming financially savvy is the best strategy to make sure your money is working for you in a way that will help you improve your financial wellbeing over time.”
To help take back control of your finances, we spoke with five professional, financially-savvy women. Here, they give us their quick and easy ways to save a little bit of extra cash (well, up to $10k) and get a better night’s sleep.
Dani Downs, Group Business Director
“It’s important to know your weaknesses and put steps in place to counteract them. I have quite a few sports hobbies and typically any spare cash I have will go towards those if I’m not watching my account.
“The easiest way to make my own finances manageable has been to give myself an allowance out of every monthly pay in a separate account with a separate card. Even after I joined finances with my partner, we still keep our own allowances in our personal accounts so we don’t accidentally go overboard on roller skate wheels or dance wear, or synthesisers and beer or whatever he buys.”
Sarah Topjian, Business Development Manager
“Set a realistic goal and break it down. For example, if you want to save $10,000, break it down into small chunks. This might mean putting aside $500 each month, meaning you could save $10,000 in 20 months.
“It’s important to also have regular check ins with yourself to make sure you’re on track, or even better, ask your employer to pay $500 of your wages automatically into a separate account to avoid the need to spend it.”
Sarita Holland, influencer and mum
“I’m pretty busy so when it comes to banking and saving money, it is all about saving time for me.
“My credit union CUA has a handy function where you can set up a pre-set savings amount every time you make a transaction. So, for example I’ve set it up so that whenever I spend $10 or more, I’ll also automatically save $2 – just set and forget. “You don’t really ever miss that $2 and trust me, it adds up fast.”
Lindsay Rogers, Managing Director of Chello
“It seems like all of my friends are getting married at the moment, so I’ve started borrowing dresses from my friends instead of buying a new one for each wedding – especially the friends with good taste.
“I also have a trick of buying board games as wedding presents; quirky and unique, great for a good night in – and usually something nobody else buys them!”
Andrea Templeman, make-up artist
“I’ve set up a fortnightly transfer to a separate account. I know it’s not the most exciting strategy, but it’s probably the simplest.
“This way I forget it about and it’s just become part of my routine – so when I need some spare cash, BAM! I’ve got some there without having to worry and I don’t feel guilty spending it because that’s what it’s there for.”