3 Expert Tips for Handling Holiday Financial Stress
Holiday time can bring a lot of joy but also a lot of stress. Thousands of people are shopping for the holidays. Many people enjoy the season and shopping. However, over half of the holiday shoppers will begin to feel financial stress during the holidays.
According to APA’s 2024 Stress in America Survey, only 16% of adults said they do not experience stress during the holiday season. It is common to feel anxiety, stress, and sadness when you have little or no money and are expected to provide gifts for family members.
Here are a few ways to manage stress due to spending during the holiday time.
3 Tips to Ease Financial Stress and Enjoy the Holiday Season
1. Create a Realistic Budget
We are all aware that holiday time includes increases in spending. Make a plan before the holidays including anticipated expenses such as gifts, food, travel, decorations, and any donations.
Some people like talking to their bank about holding money out all year to prepare for these expenses. There are automatic savings plans or use technology like apps to track your spending. For each category, prioritize what is important to you and assign exact amounts to each category. This way you will know exactly how much money you will need.
To save money consider starting your shopping earlier in the year, checking out sales, thrifting, buying fewer items per person, or even making homemade gifts.
2. Practice Mindful Spending
Mindfulness means you are paying attention to the present moment. You are aware of what you think, how you feel, and the world around you without distractions.
An easy way to practice mindfulness is by engaging the senses by asking yourself questions like what do you see? What do you hear? It will quickly bring you back to the present moment.
To practice mindful spending, it would be helpful to identify triggers for impulsive buying. For example, buying last-minute items for yourself or your home while you are shopping for your parents’ Christmas gifts.
You may think that adding just one blanket here or one picture frame there will not cost a lot but in the long run you are spending more money than you budgeted for.
3. Prioritize Self-Care
With all of this stress, we often forget to take care of ourselves during the holidays. To save money while taking care of yourself, look for low-cost or free activities that bring happiness such as watching holiday movies, attending local events like Winter fête, or driving around looking at holiday lights in festive neighborhoods.
You can also communicate boundaries with loved ones about how much you will be spending this year and encourage low-cost ways to celebrate with family and friends. There are tons of games online that you can play with family members that are cheap and very low-cost.
Acceptance that things will not be perfect or that you have limited funds to spend will also be very helpful in reducing holiday financial stress.
Be comfortable telling family and friends “no” to additional spending or activities that will overwhelm you. This will allow you to be available with less stress for activities that you find meaningful and truly matter to you. Set aside some time for you to be alone including reading, meditating, or simply taking a quiet walk.
Let’s Tackle Holiday Financial Stress Together
Holidays are a time to connect, be happy, and be grateful for all of the things that are good in your life, not excessive spending. By implementing these strategies, you can enjoy the holiday season stress-free, without sacrificing your financial well-being.
If you find yourself needing a little more help during this time of year, reach out to us to start your counseling journey today. Schedule your first appointment by calling 318-266-7021 and start receiving support.
About the Author
Jennifer Riche, LPC, specializes in working with children who struggle with a variety of life’s challenges. She works with a team of highly trained therapists who understand how to help those struggling with difficult emotions find the relief they are seeking.
Be Inspired Counseling & Consulting’s mission is to inspire hope for change to help individuals move forward and live fully.
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