Search

Skip Financial Stress This Holiday Season

Financial stress can be reduced or even eliminated by getting ahead of the problem – as much as possible, given the often high emotions involved. Here’s how to skip the financial burden this season!
Skip Financial Stress This Holiday Season
Are you familiar with the term financial therapy? Mental health professionals are increasingly using this term. The reason is obvious. Essentially, financial therapy provides emotional support to help people cope with money problems while targeting the core issues of financial anxiety.
In this article

The holiday season and rising debt can magnify financial stress, especially if you don’t have concrete steps to combat it. People feel the pinch of rising inflation and interest rates during the holiday season when household spending is higher than usual. When the holidays come around, you may want to entertain.

How to Cope With Holiday Stress

Financial stress can be reduced or even eliminated by getting ahead of the problem – as much as possible, given the often high emotions involved. The holiday season can be a time of stress, so take the following steps to make it more peaceful. Prepare yourself with some common sense. It is said that fortune favors the prepared when it comes to financial wellness.

Set a Budget

It’s not surprising that the first tip on every expert’s list is important. Make a budget and stick to it. Once you establish your budget, you can set aside those funds, or start saving, so that you don’t have to dip into your emergency savings.

It might already be too late to save for the holidays if you haven’t already started. If that’s the case, you should create a list of people you need to shop for as well as a price range and a gift idea for each person.

Start Early and Seek Out Sales

You might have a bad year if you are a last-minute shopper. You might have to spend more than you planned on buying the gifts you want. It’s easier to find the best deals and save more money if you start planning early. It’s not only Black Friday when you can find savings; retailers run sales all throughout the holiday season.

Set online price alerts so you’ll be notified if a price decrease occurs for an item on your shopping list.

It is common for people to avoid financial issues when worried, but continue to spend excessively and hope that everything will be okay in the end.

You may also like: How to Use Cash Now Pay Later for Daily Needs and Emergencies

Inform Family and Friends

Make sure your family and friends know what your money mindset is during the holidays. Don’t be afraid to tell people you won’t be doing presents or hosting a meal if it means you can’t host. You will be able to avoid disappointments and unfulfilled expectations in this way.

Take advantage of quality time with family and friends. You might be tempted to get caught up in materialism during the holidays, but avoid it. Take the family to a movie or play a board game instead. Instead of spending money at the mall on gifts that you don’t think people will appreciate, spend time with the people you love.

DE-Stress Your Financial Future

Our lives are full of stressful moments throughout the year, not only during the holidays. Things can be put into perspective when a family member is ill, injured, or dies. In spite of the fact that contemplating these things is not pleasant, it’s better to make plans in advance to make them less stressful in the future. Talking about long-term care, estate planning, and gifting assets with your loved ones during the holidays can be a good idea.

We are approaching the New Year, so maybe it’s time to start thinking about financial goals that you can turn into meaningful resolutions. Perhaps it’s time to begin saving for retirement, paying off high-interest debts, or building an emergency fund. The more you accomplish this holiday season, the less stress you will experience financially in the future!

Your Presence is Your Best Gift

The purpose of money is simply to get you where you want to go. Hopefully, these tips will help you simplify and focus on what really matters this holiday season. Happy Holidays!

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎

Author

Team Beem

Team Beem

Team Beem brings you the latest in the world of personal finance to you. From tips and tricks on how to manage money to how to get cash for emergencies, Beem is your destination for all the information you need to be smart about your money.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

no spend challenge with printable
What is No Spend Challenge with Benefits [Download Printable]
Did you know that over half of Americans spend as much or more money than they make? That is frightening! When we notice that our spending is starting to creep back up again, we do a mini 30-day No Spend Challenge to get our finances back in check.
Apps Like Zelle
Apps Like Zelle – 10 Best Alternatives for Zelle [2024]
Let's read more! Beem distinguishes itself for its diverse financial management, while Chime provides fee-free overdraft protection.
Cash Advance Apps That Don't Use Plaid
Cash Advance Apps That Don’t Use Plaid
Apps that provide cash advances but don't use Plaid do so for good reasons, like improving the customer experience and increasing confidence. Here are the top cash advance apps that do not depend on Plaid.
Freetax USA alternatives
Apps like Venmo – 18 Best Alternatives for Venmo
Explore the broad terrain of Venmo alternatives, each with distinct strengths and features customized to individual tastes. Let's explore the possibilities to discover the best match for you.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: