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We’re almost at the end of the year, and the holiday season is upon us! With end-year-celebrations and Christmas around the corner, it’s natural that we see our personal spending increase. This can be a cause of worry for some of us, particularly if we’re feeling like our spending is going out of our control.
We share some financial wellness tips on how you can handle the financial stress brought on by the holiday season, so that you can celebrate with your loved ones stress-free.
Causes of Stress during the Holidays
As much as the holidays are a reason for celebration, they can bring on a lot of (unexpected) stress as well; and we may even feel guilty about feeling stressed or ungrateful during this festive season.
In fact, this phenomenon of feeling gloomy or distressed around the holidays has a name: Holiday Blues. There are many reasons why you may feel stressed during the holidays: from having to manage family members and the tensions between them; to being tired from having your calendar being packed with social events; to feeling like you’ve let too much of the year flown by and regretful of the year that has happened.
Worrying about your finances can also be a huge source of stress during the holidays, particularly if you have many social engagements and events you need to attend. This can take a huge toll on your mental health, and also affect your ability to enjoy the time together you have with your friends and loved ones.
Tips to Manage your Financial Stress during the Holidays
Experiencing financial stress over a long period of time can lead to a negative impact on both your mental and physical health. One way to manage this financial stress is to adopt financial wellness techniques that will help you stay on top of your spending. These are also tactics that can adopt beyond the holiday season, to help you be in control of your finances.
Know your Budget
Stress can come from uncertainty; such as not being sure how much buffer you have to spend during the holidays. As such, one way of managing your financial stress is knowing your budget, and being extremely sure of how much you’re able to spend on the various festive activities.
If you haven’t already done an audit of your finances, this step may require a little more time. Set aside an afternoon to run through your savings, income, and items you need to spend on. It can be hard to estimate your spending if you haven’t been tracking your daily expenses, but it’s good enough to start with a rough estimate.
Once you’ve done this, you’ll be able to see how much money you have to spend during this festive season; and the buffer amount you’ll be able to dip into, without hurting any of your financial goals or affecting any necessary payments.
Communicate with your Family and Friends
The holidays are meant to be an enjoyable time with your loved ones; and your friends and family probably don’t want to be the cause of your stress. If you’re worried about spending too much on presents and special meals, let your loved ones know about your concerns.
It may take a lot of courage to start the conversation – but it shouldn’t be embarrassing to talk about your finances, especially with the loved ones who care about you. By bringing up the topic you may even be surprised that some of your friends may be nursing the same thoughts and concerns. This may even be a welcome conversation, given that cost of living has been top of mind for many Singaporeans as of late.
Find Meaningful Alternatives
You can still make the holidays a special time of the year by finding more cost-effective alternatives to the usual celebrations. For example: instead of buying an expensive present, you could consider making a gift. You don’t have to be artistically inclined to give a personalised present – what’s most important is the heart that goes into choosing and preparing your gift.
Similarly, instead of going out for a meal (which would be costlier than usual, given how the festive surcharge), you could have a home-cooked meal; and make it special by trying out recipes that you may not have done before.
At the heart of it, the holidays are about spending time together. There are various ways that you can still make your time together special; it just may require a little more creative thinking to come up with fun holiday ideas. Who knows? You may end up inventing a new holiday tradition that’s unique to your friend group and family.
Reach out to a Professional
Adopting the above techniques should give you some assurance around your financial stability during the holiday period. However, if you find that you’re still constantly anxious about your finances, or that this feeling of stress persists even after the holiday periods, it may be a good idea to check in with a mental health counsellor or therapist for their professional support.
Sometimes, stress about your finances may be an indicator of something larger that you’re subconsciously worried about. Additionally, if your stress is left unchecked, it can take a toll on your overall health and well-being.
Should you find that you want this additional support, we’re here for you – whether it’s during the festive season or after. You can reach out to any of our counsellors and psychologists at A Space Between to make your appointment.
References
- https://www.helpguide.org/mental-health/stress/coping-with-financial-stress
- https://www.verywellmind.com/understanding-and-preventing-financial-stress-3144546
- https://www.aia.com/en/health-wellness/healthy-living/healthy-mind/Managing-financial-stress
- https://www.citizensbank.com/learning/ways-to-reduce-financial-stress.aspx
- https://bettermoneyhabits.bankofamerica.com/en/debt/how-to-overcome-financial-problems
- https://www.investopedia.com/articles/pf/08/speding-holiday.asp
- https://www.equifax.com/personal/education/personal-finance/articles/-/learn/prepare-your-finances-for-holidays/
- https://www.forbes.com/sites/truetamplin/article/holiday-budget/
- https://www.mcleanhospital.org/essential/mcleans-guide-managing-mental-health-around-holidays
- https://www.lyrahealth.com/blog/holidays-and-mental-health/
- https://www.verywellmind.com/ways-to-manage-your-mental-health-during-the-holidays-6889414
