3 Steps to Reducing Financial Holiday Stress

3 Steps to Reducing Financial Holiday Stress

 

It’s beginning to look a lot like… the most stressful time of the year? Let’s face it, along with the sparkling lights and boughs of holly, the holidays can be hard on the wallet. With traveling, attending fundraisers, gift giving for the whole family—it can become overwhelming. We’re here to make you feel more at ease so you can enjoy the season. Grab some figgy pudding and relax by the fire with these three steps to keeping financial holiday stress to a minimum.

Reconsider Your Spending
Think about your family’s values, traditions and expectations around the holiday season. Why do you celebrate the way that you do? If you grew up with the expectation of buying gifts for every family member, maybe it’s time to suggest a new way, such as Secret Santa or a Yankee Swap game. Also, consider your spending habits on other items such as drinks, meals, and decorations for all of the events you plan on attending. Can you save money by baking cookies instead of buying from a bakery, or making decorations by hand instead of store bought? Any opportunity to save will be beneficial. As they say, every little bit counts.

Shift Your Mindset
Rethink your traditions of the season: gift giving, visiting family, attending parties. Perhaps it aligns more with your family’s values if you spend more time with loved ones instead of money on gifts. Doing festive activities together is a great way to enjoy the holidays without overspending. Go sledding, build a snowman, sing carols—whatever it is that gets you and your family into the holiday spirit—do more of that. Memories made together can be more valuable than a wrapped gift.

In 2018, the average American spent $885 per person on holiday gifts—yikes!

Don’t Feel Pressured
Families have a way of keeping to their traditions through the generations, even when families grow and life changes. Set clear boundaries with your extended family before the holiday season starts. Explain when you’ll be able to visit, how long you’ll be able to stay in town, and how much you can spend on gifts. If you’ve had to manage dozens of family get-togethers every year to make everyone else happy, maybe it’s time to change it up and start a new tradition—one that makes you feel more at peace with the season.

 

The Takeaway:

  • Reconsider Your Spending
  • Change Your Mindset
  • Don’t Feel Pressured

Spending money isn’t the only way to celebrate the holiday season with your family. But by putting small amounts of money aside now with our Christmas Club Account, you can keep your holiday stress levels low for the next twelve months. Learn more here.

 

Source: Investopedia.com, lifehack.org, americasaves.org