Financial Education Blog

How Waking Up Early can Save (and Earn!) you Money

What if ditching the snooze button in the morning could save you money? While getting up early can be difficult, it turns out there may be a correlation between success, money and your alarm clock.

According to a survey by Sleep Junkie, the majority of respondents reported that the first things they think about when they open their eyes in the morning are money and work. The survey also revealed that both job satisfaction and salaries were higher for people who woke up earlier. People who reported waking up at 5 a.m. were bringing in an average of $46,000 a year, which was the top salary of the survey’s participants. Even those who woke up at 7 a.m. were making significantly less than the early risers, reporting an average $35,000 annually.

Why you ask? The saying, “The early bird catches the worm,” appears to stand true. Waking up earlier has its benefits.

Here are several ways that waking up earlier can help you save and earn more money:

Pack your Lunch
Eating out can be expensive, especially if you treat yourself to lunch Monday through Friday. If you’re not keeping a food budget, it’s difficult to estimate what you’re spending monthly on meals. If you eat out regularly, it’s likely you’re spending more than you would expect.

Getting up earlier allows you to save money on food throughout the day. Instead of scrolling through social media or curling back under the covers, use the time to:
  • Make your own coffee or breakfast instead of stopping on your way to work. A $5 coffee every morning can quickly add up
  • Pack a lunch
  • Start preparing your dinner. Break out your slow cooker or take a minute to plan your evening meal by assembling the ingredients. You can even prep the night before
These simple steps can easily save you well over $10 a day. Sticking to this routine during the work week can save over $2,500 a year if you regularly stop for coffee, breakfast or lunch.

Take the Bus
Since you’re up early, you’ll have time to make it to a bus or train stop. Using public transportation has its pros and cons, but with gas prices rising, it can be a cost effective way of getting to your destination. If you pay to park, taking the bus can eliminate parking costs. Plus, public transportation can help you skip rush hour traffic and open opportunities for you to unwind or learn something new!

Another option is biking or walking to work. Although this option isn’t for everyone, it eliminates transportation costs all together while providing an active alternative.

Find a Side Hustle
Even if you’re satisfied with your current position, a second job can complement your career by:
  • Diversifying your income
  • Allowing you to discover additional purpose and meaning
  • Developing new skills that could help you get a raise
  • Enjoy a change of pace
Getting up earlier allows you to direct more time towards side jobs and hobbies. The more time you invest in other avenues, the more money you can make.

Take Advantage of Discounted Rates and no Crowds
Why not start your day at the grocery store? Not only will the shelves be shocked and the aisles empty, you’ll also find deals on fresh meat and baked goods. This also applies to eating out. Often times, you can find the pricy dinner entrĂ©e on the lunch menu at a lesser cost. Or, if you’re looking to relax, schedule your self-care activities first thing in the morning. Some salon and barber shops offer early-morning incentives.

If these possibilities sound appealing, create a routine that will make getting up easier.  Remember, you don’t have to rise at 5 a.m. to incorporate some or all of these tips. Set goals to help you create a routine that will give you momentum throughout the day!
 

For more tips, visit: https://moneyning.com/life-style/early-bird/
For more information on the survey, visit:
https://www.entrepreneur.com/article/300564
https://www.sleepjunkie.org/rise-and-shine/