Nov 26

Nov 26 Avoiding Unwanted Financial Stress This Holiday Season

Article, Depression and Anxiety, Self-Care, Stress Management, Tips

Holiday gift-buying is in full swing and no matter how you are doing your shopping, it can be easy to feel overwhelmed and stressed finding the perfect gifts. Polls show that over 54% of Americans are feeling more financial pressures this holiday season as compared to 2019.

Thankfully, there are tips you can follow to help you avoid breaking the bank this holiday season:

Create A Budget and Stick with It – Fear of overspending is one of the main causes of financial stress. Instead, a good rule-of-thumb is to spend no more than 1.5 percent of your annual income on gifts. Make a list of everyone you hope to give a gift to and then decide how much you can spend per person. Setting limits, such as $20 per gift, can keep you from overspending.
Get Creative – Buying gifts isn’t your only option. Bake a batch of your favorite cookies to send out, put together a photo album of holidays past or design holiday cards by hand. You can even give out a “coupon” book to loved ones so they can cash in on some favors throughout 2021, like a massage for your significant other, extra screen time for a child or a homecooked meal. Handmade gifts can help you express your love and affection without cracking open your piggy bank.
Shop Early (or Late) – Complete your shopping now so you can avoid a last-minute scramble and the stress that goes with it. Alternatively, it may not be for the hottest items, but some stores offer discounts late in the season that can help you save more than buying full-priced items and focus on other holiday festivities in the meantime.
Cut Back on the Gift Wrap – While they are fun, stylish wrapping papers or bags can add up. Everyday items around your home can serve as wrapping substitutes. Newspapers, paper grocery bags or can/jars and even ribbon can all be a quick and cost-effective alternative.
Go Virtual – With health experts advising against traveling, coming up with fun and virtual holiday events can be a perfect way to connect without being in the same place. Set up a gingerbread house competition over Zoom, vote on who has the best decorations in a social media poll, play holiday bingo online or share your favorite seasonal playlists for a dance party. No-cost activities and events such as these allow for everyone to participate and have fun without spending a dime.