Avoid financial stress during holidays

GUEST BLOGGER: ELIZABETH DAVIS

Holidays (ALL of them, birthdays, anniversaries, religious holidays, valentine's day, etc.) can be a wonderful time of traditions and togetherness, increased expressions of love and gratitude, service, and charitable giving. However, the additional social events, and expectations of the holidays, including gift giving, can create stress, anxiety and increase depression. Some of this increased stress and depression has been linked with financial stress (Renter, 2015). Here are three helpful tips for avoiding financial stress during holidays.

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1. Plan for it. Particularly the major and reoccurring celebrations. Sit down and write out the holidays that you need money for and estimate how much you need. There are several ways to do this. I recommend determining who you need/want to purchase for and how much you are willing/able to spend. Once you have determined an amount then divide that total amount by the number of paychecks you receive each year and set that amount side each month. There is an incredible peace of mind that comes from planning in advance and having the funds that you need.  
2. Manage expectations- As a mom with a career and small children this has been a difficult lesson for me to learn. While I want to create Hallmark worthy moments and memories, I need to consciously remind myself that perfection is an unrealistic and damaging expectation and goal. In order to fully enjoy each Holiday and tradition we need to be intentional about how we use our most valuable resource our time. Don’t over commit to activities or obligations, it’s okay to not volunteer for the classroom Valentine’s day party. “Saying no can be the ultimate self-care” - Caludia Black. 
3. Shop off season or in bulk- This can be particularly helpful when you need to purchase a lot of gifts (e.g. Christmas gifts for co-workers or friends) by purchasing multiple of the same gift it can decrease the cost.

 
 
Reference
Renter, E. (2015) The dark link between financial stress and depression. Retreieved: https://health.usnews.com/health-news/health-wellness/articles/2015/02/25/the-dark-link-between-financial-stress-and-depression