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Are you feeling overwhelmed by the pressure of spending money on gifts, parties, and travel this holiday season?
The job market is tough, student loans and credit card debt are rising, and prices for many goods remain high due to inflation. If you’re feeling financially stressed, know that you’re not alone in feeling this way, said Lindsay Bryan-Podwin, financial therapist and host of the Mind Money Balance podcast.
To avoid putting extra strain on your finances, use the holidays to pay extra attention to how you spend. Remember that spending money isn’t the only way to show your love to your friends and family.
“We all combine years of nostalgia and pressure that we put on the holidays to cater to some kind of picture-perfect version,” Bryan-Podvin said.
From setting a budget to creating your own traditions, here are expert recommendations for avoiding financial stress this holiday season:
Start with a budget
What’s marketed as “the most wonderful time of the year” can quickly become stressful, said Jennifer Seitz, director of education at family finance app Greenlight. Setting a budget can help you avoid overspending on gifts, decorations or any other holiday expenses.
“Be sure to include your travel, your shipping, your seasonal tipping, knowing what you plan to spend in each category and then setting a limit can make it easier to avoid debt in January,” Seitz said.
Although making a budget is the first step, sticking to it is equally important.
Bryan-Podwin also recommends that you include your regular loan payments in your holiday budget. This way, you avoid falling behind or taking on more debt.
Shop around for the best deals
When you’re shopping for your holiday gifts, look for sales, coupons or other holiday discounts so you can reduce your total costs, said shopping expert Trey Boaz.
“I’m always looking for a coupon code so I can save a certain percentage off, or I can earn cashback, or I can get a free shipping offer. I really believe in those tools and use them every time I shop,” Boz said.
Bauz also recommends that you try finding deals with browser extensions like PayPal Honey and Rakuten.
Decide what matters most to you
The holidays are the season of giving, but spending too much money and energy can have an adverse effect on your mental health. Deciding what you care about most can help you avoid financial stress.
Bryan-Podwin recommends that you write down your holiday expenses: trips, celebrations, gifts, etc. Then ask yourself whether it feels good to purchase or participate in all those activities and costs.
“This helps you prioritize what things are most important to you this holiday season,” she said.
While many people compare how much they spend on gifts or how many events they attend with how much they care for their loved ones, that’s not the best way to go about the holiday season if you’re financially stressed.
don’t be afraid to say no
Between work parties, family gatherings, and gatherings with friends, the holiday season can quickly become emotionally and financially overwhelming. If you’re feeling stressed, don’t be afraid to set boundaries and say no to an event or gift exchange.
“Most people to whom you say limit will understand and feel (some) relief,” Bryan-Podvin said.
It can be difficult to be open about your money, but if you’re struggling with debt or other financial problems, sharing can help family and friends understand when they should prioritize lower-cost gifts or activities.
create your own traditions
In recent years, Seitz has shifted from spending money on stuff to focusing more on creating meaningful experiences with family.
“I think it’s really important for families to create alternative forms of happiness that aren’t necessarily tied to shopping. Children It’s those memories and those traditions that we remember the most,” Seitz said.
New ways to celebrate don’t have to involve much expense, they can be as simple as organizing a pancake-making morning with the whole family, playing a new board game, or exchanging homemade gifts.
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