Household spending continues to rise and many Americans express concern about their financial future, according to a poll by The Associated Press-NORC Center for Public Affairs Research.
“Financial worries are the number one anxiety-provoking issue (during the Christmas holidays),” said Dr. Petros Levounis, president of the American Psychiatric Association.
Here are expert tips for reducing financial stress during the Christmas season:
Set Expectations
In many families, the holidays mean putting everything into giving gifts. But that can quickly become stressful if your finances make it difficult for you to keep up.
Managing expectations is key, according to Bankrate.com analyst Sarah Foster.
“During the end of year festivities, many times we don’t want to talk about money, not letting people know how much the gift we bought them cost,” revealed Foster, who recommends putting aside taboos and talking about how much you can afford. gifts this year.
Make a budget
Setting a budget can help prevent stress during the holidays, Levounis said.
“Try not to spend beyond your means. Make a budget and stick to it. Being with friends is more significant for our mental health than the business aspects of this season,” she added.
But not spending during the Christmas season, when it seems like everyone spends a lot of money on gifts, is easier said than done. If you’re someone who struggles with overspending, shopping expert Trae Bodge recommends setting a spending limit for yourself.
Bodge suggests writing a list of gifts you need to buy and sticking to the list you made when you go shopping. Additionally, if you tend to spend a lot of money on purchasing gifts for yourself, she recommends setting a specific limit.
“If you say, ‘I only have $50 or $100,’ you’ll spend more consciously,” he said.
Be creative
There are several alternatives to not spend a lot of money. They include:
— Homemade gifts
Lena Liu, 30, a doctor based in Massachusetts, has chosen to give self-made bracelets to some of her friends in the past.
“It can be really well thought out and it actually also ends up not being that expensive,” Liu said. “They know you put your work and energy into designing the bracelet and getting the beads, so they really appreciate it.”
— Gift cards
Gift cards may seem impersonal, but Foster maintains that they are a great way to stay within your budget because you can plan the exact amount you spend on each card.
— Experiences
In recent years, Bodge has noticed that young people prefer to treat themselves to experiences rather than gifts. But she recommended not spending too much on an expensive trip, but rather finding fun, affordable activities to do with your loved ones.
Examples of activities include going ice skating, going on nature walks, or hosting a potluck where everyone contributes a dish. You can also gift a photo session, framed photographs, or digital albums to commemorate happy experiences.
“It’s something that you and your loved ones can experience and enjoy together, and take pictures and enjoy,” Bodge said.
— The gift of time
If you can’t afford to take your parents on trips or visit them during the holidays, giving them more of your time can be a real gift, according to Eliza Menninger, medical director of the Partial Behavioral Health Hospital Program at McLean Hospital in Massachusetts.
Whether you plan weekly video calls with your group of friends or call your grandma every day, non-monetary gifts can be very meaningful.
Create your own traditions
Expectations or traditions you grew up with, such as buying expensive gifts for each member of your extended family, can cause stress during the holiday season. This is what Bodge calls “keeping up with the status quo,” which refers to trying to keep up with other people’s expectations rather than what you can afford.
“Sometimes you might have a very well-off family member who loves to treat you to big, extravagant things. If you are not in the same financial situation, you should not feel obligated to return the favor,” Bodge said.
Creating your own new traditions can help reduce the stress of overspending because you feel pressured. Bodge recommends suggesting something different to your family, friends or at work.
Additionally, for people who are grieving or have a difficult relationship with their family, the Christmas holidays can be a difficult time. It’s always good to remember to be kinder and more understanding during this time, Levounis recommended.
Share responsibilities
Another way to cut costs is to be selective with your spending, Bodge recommends. For example, when it comes to hosting, even inviting a small group of people can be very expensive if you are expected to pay for everything. If you are in this situation, you could suggest that everyone bring a dish.
“Maybe try a potluck or, if you want to control the dinner menu, let people bring appetizers and drinks or dessert,” he recommended.
Communicate your feelings
If you are having financial difficulties, it may be helpful to talk about it with your family and friends.
Liu, who was diagnosed with anxiety and depression during her first year as a resident doctor, now feels more comfortable talking to her family after keeping her difficulties to herself for six months.
“I’m ethnically Chinese, and in our culture it’s very stigmatized to talk about anything related to mental health,” Liu explained.
Her parents and twin sister helped her through that difficult time, and her father shared that he had a hard time showing emotions growing up and wants his daughter’s generation to be able to be more open.
Don’t be afraid to say NO
‘Tis the season for social events every weekend, but if they’re causing too much financial stress or harming your mental health, it’s okay to be selective, Levounis said.
Additionally, if you start to feel uncomfortable in certain conversations with your family, Levounis recommends taking a break and limiting your alcohol consumption.
Practice a healthy routine
While your stress may be due to financial problems, negative feelings can spill over into other aspects of your life and make it difficult to enjoy the holiday season.
Levounis recommends taking a break from social gatherings and holiday shopping to do something for yourself, like exercise.
“Prolonged, low-intensity activities seem to help the most,” said Levounis, who recommended long walks or bike rides at sites of natural beauty.
Getting enough sleep is also essential. Turning off electronic devices a few hours before going to bed can be a good habit.
Seek professional help if you need it
If you are struggling with mental health issues, there are several resources you can use to find professional help.
In the United States, you can dial 211 to speak with a mental health expert, confidentially and free of charge.
Other mental health resources are:
Veterans Crisis Line: Call 1-800-273-TALK (8255)
Text Crisis Line: Text “Home” to 741-741
The Trevor Lifeline for LGBTQ youth: 1-866-488-7386
Trans Lifeline: 1-877-565-8860
Source: With information from AP
