The festive season is often a time of joy and happiness, but for many, it can bring heightened money worries. Christmas hits the shops as early as August, we are bombarded with marketing, and social occasions ramp up. Pressure to spend can build in and out of the workplace. It’s therefore unsurprising that a survey found that last Christmas, 68% of Brits felt financial pressure from social media, marketing and friends and family (Lowell).
Factor in an increased cost of living, and our wallets can feel stretched. Furthermore, money worries can have a big impact on our mental health; impacting our mood and increasing the chance of anxiety and depression.
So, how can we take the pressure off? Keep reading for 4 ways to reduce stress around Christmas spending.
Ways to reduce stress around Christmas spending
- Have a pre-defined budget
It’s easy to get swept up in the Christmas hype and lose track of spending. Setting a budget in advance can help you to feel in control and avoid impulse purchases. Decide how much you can/want to spend and allocate to gifts, food, decorations and social events. You can then set expectations with friends and family, especially when exchanging gifts, and decide which events are truly worthy.
You certainly won’t be alone in this approach. The Lowell survey also found that 64% of Brits planned to be more money conscious last Christmas, up from 25% in 2022.
If there are too many temptations, acknowledge where they come from and take action; perhaps you need to spend less time online, unsubscribe from email news-letters or avoid the shops when possible.
Seek out budget friendly options, places like Vinted, Facebook market place and charity shops are great for second hand (and often new) items – that’s gifts, decorations and party outfits sorted! An internet search will also bring up free activities in your area.
- Avoid the comparison trap
Comparisons can really ramp up at this time of year. It’s easy to think other people have it all, especially when we are surrounded by social media and adverts portraying the perfect Christmas. But remember, this isn’t reality. Try to avoid triggering accounts or TV programmes, and celebrate the things you do have. Now is a great time to think about what is really important at this time of year, which leads to the next point…
- Focus on other joys
Christmas has become very commercialised, in fact, analysis by Money Supermarket showed that spending has tripled for UK families in the last 3 decades. But what does this time of year really mean to you? Is it about presents, or is it about spending quality time with loved ones? Or maybe it’s having some much-needed time off work to rest and rejuvenate?
If you start to feel overwhelmed, practice some breathing and mindfulness techniques to bring you back to the present moment.
- Set boundaries
Learning to set boundaries and say ‘no’ is a huge asset to our overall wellbeing and is particularly important around Christmas. As above, it could be about sticking to your budget and setting gift and dinner expectations. Or if you are overwhelmed by party invites, be selective about which ones you attend. Be honest with yourself and others, it can be a tricky time to navigate, and chances are, others are struggling too.
Conclusion
One more thing, although credit and ‘pay later’ options can be tempting, they will likely lead to increased stress, and potentially debt, in the future. Managing your finances over Christmas will help you to feel more relaxed as you enter the new year. If you are concerned about debt, Step Change offer free help and support.
And if this has inspired you to get your wider finances in order, now is a great time to think about 2025 goals. Whether that is setting a budget, paying off debts, or even planning for next Christmas (sorry!). Money Helper has some helpful tools and information.
If you want to further support your employees, We Are Wellbeing offer a Financial Wellbeing webinar, get in touch to find out more.
