What to do if money worries are causing sleepless nights

Are financial concerns keeping you up at night? If so, you’re not alone, but there are steps you can take to get a better sleep.

New research by Selina Finance has found that in the last year, money worries have led to a third of us (35%) having sleepless nights.

Among the issues keeping them awake are:

• household bills and day-to-day spending - 51%
• insufficient savings - 48%
• unforeseen expenses - 44%
• debt - 32%

So if that sounds like you, what can you do?

Look after yourself

Firstly, don’t neglect your health and wellbeing.

Just a few small steps can help you regain some control and help you sleep better, such as:

• going to bed and waking up at the same time each day, so you can develop a regular sleep routine
• doing something relaxing before bed, such as listening to calming music or reading a book
• making your bedroom a relaxing space

You can find more tips on how to tackle insomnia here.

Get on top of your household budget

If managing your household bills and day-to-day spending is playing on your mind, look closely at your income and outgoings.

You’ll then know exactly what you’re earning and where everything is going.

And you’ll also be able to prioritise essential expenses and work out where money can be saved, perhaps by cancelling unused subscriptions.

We’ve put together a guide to how to create a budget to help you get started, so you can regain a sense of control over your finances.

Build a savings habit, but start small

If you want to build a savings buffer, don’t give yourself a mountain to climb straight away.

Moving even just a few pounds into savings each month could make a big difference in the long run.

Imagine you put aside £1 a day.

Well, that quickly adds up to £30 a month.

Check our tips on how you can get into a savings habit and build that much-needed safety net.

Why you need a rainy-day fund

Unexpected expenses, like the boiler breaking down or needing emergency dental treatment, are usually expensive.

So if you’re on a tight budget, even small financial shocks can have a big impact.

That’s why it’s so important to have a rainy-day fund, so you can cover these costs without having to borrow money or dip into savings.

Ideally, you should have enough saved to cover around three months of your living costs - things like rent, bills, food and transport. 

But putting away even just a small amount regularly could make a big difference if or when you ever need it.

Check our tips on how to build up a rainy-day fund.

Ask for debt advice

If debt is affecting your wellbeing, contact us for confidential, practical and impartial debt advice.

We can help you understand your options and start finding a way forward.