Setting Spending Boundaries for a Happier, Healthier Holiday
In February of 2022, the American Psychological Association released a study about stress. One of the most startling statistics was that 65% of respondents reported money was a significant source of their stress. This number is higher for younger adults and for people of color. In a 2021 survey, 70% of people said they were stressed at the holidays. Of the top five reasons for holiday stress, buying gifts made up 26% of the responses. This is a lot of statistics, but it teaches us is that money is stressful, and it may be especially stressful during the holiday season. In this blog, we’ll talk about the negative impact of financial worries as well as some ways to set healthy boundaries to avoid money and gift giving stress this holiday season. Don’t forget, you can always contact a trusted therapist to help you work through this often-difficult time of the year.
Can Holiday Spending Impact Mental Health?
Finances are top contributors to emotional and mental health struggles. Worries about money can strip joy from our holidays. It can also put a strain on our relationships. The pressure to give gifts when we don’t feel financially able can make us resent our loved ones. This focus on gift giving, party throwing, charitable donations, and other financial obligations increases stress, anxiety, and depression at the holidays. Overspending at the holidays, can lead to increased emotional and mental health concerns for the rest of the year.
Set Boundaries on What You Spend at the Holidays
So, what can we do about the pressures of holiday spending? One of the best ways to reduce financial stress at the holidays is to make a plan – and stick to it. Some great ways to create a financial plan and set boundaries around holiday spending include:
Make a budget – review your finances and decide how much you can spend this holiday season. This should include spending on gifts, travel, food, and other holiday-related expenses.
Make a gift plan – reach out to your friends and loved ones and discuss gifting. Let them know that you’re on a budget and may not be able to afford all the extras this holiday season. If possible, set up a plan to draw names and only give gifts to one person in a group who you’re getting together with, or work out other options to alleviate some financial stress.
Remember your own needs – don’t give up everything you need to have more money for holiday spending. You should prioritize your own needs and self-care to ensure you can truly enjoy the holiday season.
Maintain Your Financial Boundaries with Loved Ones
Once you’ve created this financial plan for the holidays, you have to stick to it. This can be easier said than done when family and friends are involved. We all want to give our loved ones gifts, spend money to see them, or fund get togethers, but if it doesn’t fit into your budget, you shouldn’t do it. Let your loved ones know what your financial situation is. In some cases, you may find out other loved ones are relieved to hear that they don’t need to buy you a gift because they’re struggling too. We can all get caught up in the spending frenzy of the holidays.
Set Rules if You’re Financing Holiday Actives
One of the biggest sources of financial stress often goes unconsidered. At the holidays, we are often expected to host holiday events and/or bring food and other items to holiday events. This can add to the existing financial stress. Again, the best thing you can do is to be honest with your loved ones and let them know you don’t feel able to fund holiday activities, and you may not be able to bring items to events. At the end of the day, you may need to step back and choose not to attend certain gatherings, but most of your loved ones will support your decision and still make you feel welcome.
Make Time to Talk to a Professional
Finally, if you’re really struggling with finances or other stressors this holiday season, I hope you’ll consider chatting with me about what’s going on. I’m Ashley Pichardo, a licensed mental health counselor, offering therapy services for New York and New Jersey residents. If you’d like to talk, give me call at (917) 522-1418, email contact@apichardotherapy.com, or book online today.
