The holiday season is a time of celebration with friends, family and colleagues but with celebration can also come money management challenges, especially when trying to stick to a budget.
Some individuals may feel pressured to spend more money and make a greater effort this year, to compromise for the challenges of the last two years. If you find yourself feeling this pressure, it is important to be mindful about your spending and consider what you are purchasing.
Remember that you are not alone, and others may be feeling the same way. There are techniques and strategies you can use to reduce stress around extensive spending on gift giving and holiday celebrations.
You can start by having a conversation with your friends and family about gift giving, setting expectations early about what is affordable. You could also consider some alternatives to gift giving and end of year celebrations including:
- Set a gift budget – talk to your family and friends and set a gift budget to reduce the stress of having to match other’s spending capacity
- Introduce Kris Kringle or Secret Santa – for large groups or immediate family, not only is it a fun activity, but it also means that each person only has to purchase one gift
- Consider meaningful and DIY gifts – it is not always about how much money you spend but about how much the gift means to the person you are giving it to, for example consider baking their favourite treats, making them a cookbook or an artwork
- Replace tangible gifts with experiences – when it comes to holiday celebrations, it usually means the cost of the social gathering plus a gift, see how you can combine these two and make going out to dinner or a coffee catch up the gift to each other, to help reduce the stress of increased spending
The holiday season is an exciting time and after the challenges of the past two years, it’s important to focus on the important things – spending time with your loved ones. Take care of yourselves by looking after your health and wellbeing, including your financial health.
For more information about spending, saving, and budgeting visit the Financial Wellbeing Program by Money101. The Program has several modules and resources that can help you with all money matters this festive season.
Disclaimer
This article and the Financial Wellbeing Program by Money101 do not aim to provide personal financial advice. The Program is designed to provide you with financial education to enable you to make better financial decisions.
Approved by Karen Lowe.