We are officially jingling and jangling our way through December. The time has come for gift exchanges, cooking, baking, parties, celebrations, and the list goes on. All of these fun things cost money. Financial distress rears its costly head every holiday season, causing our bank accounts to tremble and frustration to build. It’s not holly nor even jolly. Yet there are ways in which you can plan ahead, communicate your desires, and reflect on the reason for the season. It doesn’t have to be dreadful!
You’re not alone in the tension zone. Over 70% of Americans are stressed about holiday spending this year. With inflation at a 7% rise globally, it’s a scary time to think about shelling out cash or racking up credit card debt. We are right there with you.
As the holidays rapidly approach, we’re writing a series of blogs on how together we can navigate the pressures and expectations of family and friends, food and alcohol, and finances through setting boundaries, practicing effective communication, and checking in with ourselves while listening to the needs of our body and mental health. Now let’s get into managing our finances.
Think about replacing the word “budget” with “boundary.”
This might sound silly, but we mean that – instead of creating a strict financial budget for holiday spending – sit with yourself or your partner and lay out what you value most or what brings the most joy. Allow yourself flexibility on spending on these things within your financial boundaries. The quality over quantity mindset is the difference between the two. You might find that thinking about finances in terms of boundaries will actually save you money.
That isn’t to say that you should disregard numbers and limits (they are crucial), but by first changing the way we think and view these things will ultimately improve your mental health as the holidays proceed, and that is the ultimate goal.
Communicate these new financial boundaries without shame.
The truth is, nobody will understand how you feel unless you communicate. Tell people when things are going beyond your financial comfort. More times than not, they will understand. You might actually inspire a switch up from the normal holiday routine and take the stress off of others. Don’t be afraid of judgment. Do your thing!
We can get so caught up in giving the best gifts or throwing grand holiday parties that we forget that it’s really important to cultivate meaningful relationships by connecting with family, friends, and co-workers. As cliché as it is, reflection at this time of year is so important.
Don’t forget about how happy others are to exchange gifts this time of year.
It’s easy to get caught up in the pressures of gift giving, but, for some folks, gifts are an entire love language. Many people cherish the feeling of giving more than receiving because the joy of watching those they care about open curated presents supersedes the chaos of shopping and spending. This is why quality over quantity will take you a long way as you think about spending. Make your efforts count and your mental health will thank you.
Everything is easier said than done. You know you best! The key is to check in with your finances and mental health. Think about how you will navigate finances this holiday, and draw those boundaries with yourself and others. Probably don’t go full Kranks mode (as tempting as that may be), but if you need to reel it back this season, do it! At Simply Psych, we are huge believers in regulating your mental health and enjoying the activities that bring you and others happiness. That’s what the holidays are all about!
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