The year is finally done and most people are looking forward to spending time with their loved ones. The financial impact the holidays have on us is very noticeable, considering we tend to eat, travel and spoil ourselves more during this time.
What many don’t consider though, are the emotional and psychological impacts of the holidays and how best to deal with them. Expectations are always high for those fortunate enough to have employment and habitually have to look after extended family members.This added financial stress can place a lot of pressure on one’s psychological well-being. So, what can we do? These few tips can help you through the holiday season with less stress:
Get into the habit of talking about money
The good, the bad and the ugly. Get your family together and have an honest conversation about the days and weeks to come and what is possible, given your and everyone’s financial situation.
Honesty is key to keeping everyone in the loop and avoiding unrealistic expectations that could lead to disappointment, confrontation or stress.
Create a budget for yourself and for your family
Get everyone involved so that they all buy into the process and the numbers. Work out upfront what you can afford to spend. Then decide what you will be spending that money on and stick to it.
Do not get tempted to consider quick fixes
Many deceitful individuals are masquerading as financial professionals preying on desperate and unsuspecting individuals who need money.
Do not fall into the trap of excessive debt or committing your hard-earned money to structures you do not understand. Often, the effects of such actions are far worse than having no money.
Look for activities that you can do together as a family, which require little or no money at all
Things like family braai, picnics and playing board and card games. These are inexpensive activities and can keep everyone entertained for hours.
Speak to a professional
Speak to a therapist, a money coach or a financial adviser – about your situation if you feel that you are not coping or just need a sounding board. Help is always at hand, but you need to acknowledge that you need it and it does not have to cost you a lot of money.
Don’t over schedule yourself
The holiday season is a time of parties and other social gatherings. Remember that you don’t have to do it all. Figure out what you really enjoy versus what you feel you’re supposed to do. Focus the majority of your energy and time on activities that are fun for you. Do your best to limit or avoid those activities that are less enjoyable. Your happiness is an important consideration in planning how you spend your time.
Have a happy and safe holiday season and always remember that the subject of money is as much about finances as it is about emotions. Be mindful of the impact your financial situation has on your psychological and emotional state.
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