Jolly. Joy. Cheer. Peace. The holidays are full of heartfelt one-liners that describe our feelings during the season. Stress or anxiety from holiday overspending should not be one of them. Yet, according to a 2023 survey by the American Psychological Association, “Nearly nine in 10 U.S. adults say something causes them stress during the holiday season.”
MORE NEWS: Holiday shoppers expected to increase spending, analysis shows
With a sprinkle of planning and a dash of creativity, you can banish the bah-humbug blues and embrace a season of merriment.
Be proactive
Much of the stress from shopping can come from large crowds, sold out items, and procrastination. Try getting a list together early of all the items you will need and then shop before the big rush starts.
Set a budget
Budgets aren’t just for households. You can create them for anything – holidays included. Set an overall budget of what you’re willing to spend and then divide that out into categories like food, decorations, outfits, and gifts. Once that’s done, further break it down into individual budgets and stick to them.
Avoid impulse buys
Make a list and check it twice. Then be diligent about purchasing only what’s written down. Holidays are the perfect opportunity for retailers to get you on impulse purchases by stocking end caps, register lines, and aisles with items and deals to try and get you to buy more. Ensuring you’re sticking to buying only what you planned will help cut down on this often-expensive overspending.
Be an artisan
Oftentimes people appreciate gifts that are personal, thoughtful, and show how much you care. Rather than buying something they did not want or need, consider giving them something handmade. Jellies, photo collages, decorations, jewelry, and scarves are just a few ideas of gifts that garner connection and appreciation from the recipient and can be made on a budget.
Create Memories
GetYourGuide found that 92% of Americans would prefer to receive an experience over a present. Consider season passes to museums or zoos, holiday experiences or family outings – these gifts, unlike tangible items that depreciate, create memories that grow in value over time.
Parties with purpose
Rather than spending a fortune on holiday parties that are the norm, consider hosting parties with purpose. Get-togethers where you can make an impact like writing holiday cards to deliver to assisted living centers, packing toiletries for the unhoused and trading Secret Santa for donations of canned goods or socks and mittens that can be donated are all great activities that also serve. Many food banks and nonprofits are also in extra need of volunteers during the holidays so you can coordinate your group of friends for a volunteer opportunity together.
Leverage credit card benefits
Many credit card companies offer discounts on certain purchases. Take advantage of these offers to purchase at a discount while earning additional points. Be careful of adding offers that aren’t on your list or break that holiday budget you set.
In the end, the holidays should be a time of connection and happiness, not stress and anxiety. By planning, sticking to your budget, and focusing on what truly matters, you can glide through the season with a heart full of cheer.
Author: Rachel Caballero is community development and PR manager at TruWest Credit Union. TruWest® Credit Union is headquartered in Tempe, Ariz. and operates as a cooperative providing its members with a lifetime of quality financial services and a culture of caring for its organization, employees and communities. TruWest is a strong and sound financial institution with more than 90,000 members and assets totaling more than $1.8 billion. TruWestCredit Union has 11 branch locations—eight in metro Phoenix and three in Austin, Texas. For more information, visit https://truwest.org/.
