Tips for Managing Financial Anxiety During the Holidays

Managing financial anxiety during the holidays can be stressful. You might feel you need to spend more than you can afford on decorations, gifts, parties, and travel to show others what they mean to you.

However, you can take steps to change how you celebrate the holidays and stay within your means. Doing what you realistically can helps reduce financial anxiety during the holiday season.

The following tips can help you manage financial anxiety during the holidays.

Create a Holiday Budget for Reassurance

Holiday budgeting can help you feel more in control of your finances. Understanding how much money is coming in and where it is going helps control your spending, reducing financial anxiety.

Have Conversations with Loved Ones

Talk about your financial anxiety with trusted family and friends. They might be experiencing financial struggles and understand your situation. Knowing you are not alone can provide comfort.

Because money concerns are more common now than ever, your loved ones should understand your financial struggles. Odds are they’re cutting back on their spending as well. Giving fewer gifts takes pressure off everyone.

Gift Your Time and Experiences

Some of the best gifts don’t come from the store. They come from spending time with others and finding ways to make their lives easier.

For instance, you might offer to babysit while your loved ones decorate for the holidays, or pet-sit while your neighbors travel to visit family. You could invite loved ones over to bake holiday treats and watch holiday movies, or meet for ice skating and hot chocolate.

Organize Potluck Dinners

Rather than dining at an expensive restaurant or making an elaborate meal, coordinate with family and friends to take turns hosting potluck dinners. The person or family hosting can provide the main course, and the others can bring an appetizer, side dish, or dessert. Consider shopping at a less expensive store and purchasing groceries on sale to reduce costs.

*This information is for educational purposes only.