The winter holiday season often creates a significant amount of stress for people, especially with regard to increased spending during this period. However, having a sound financial strategy allows people to enjoy their time with family members and focus on what really matters during this part of the year.
Spread out the spending
One way to reduce the amount of stress that is associated with gift-buying and increased spending on food items is to spread out the damage over time. Instead of waiting until December to purchase all of your presents, it may help to plan ahead.
According to Daily Finance, not only can this financial strategy help to limit the amount of money that needs to be spent during the holiday months, there are numerous deals that arise during other times of the year.
Also, there is a chance that increased demand for certain items could boost the price of these gifts, so it makes sense to be proactive with regard to obtaining these valued items.
“If you order in advance, you may still be able to get things that you won’t be able to in the stores or locally,” said Jaquan Bland, a hospitality and customer service expert.
Work together to solve the problem
Another way to curb holiday spending, and thus minimize financial issues during the winter months, is to work together as a family. According to The Denver Post, much of the stress comes from traditions that treat everyone equally in terms of financial solvency. Not all family members are well-off, and there is a significant amount of pressure that can be placed on those with less funding during this period.
“People tend to feel that they are locked in to certain traditions,” Amy Carbone, licensed professional counselor and certified financial recovery counselor, told the news source. “What I usually do with that is that I start in early fall talking about this.”
Siblings should work together to ensure that no one feels pressured to drop the big bucks on their family members. If someone is having a rough year, they need to be open about the limitations they have during the holidays. No one should ever break the bank to ensure that little Timmy gets a new Xbox game.
The holidays should be about family and friends, and limiting financial stress during the winter months should be a team effort.