Managing Holiday Financial Stress

If the holiday shopping season stresses you out, you’re not alone. Research by financial services company Bankrate revealed that more than half (54%) of holiday shoppers expect to feel the effects of holiday financial stress as they anticipate overall high costs.

American consumers will spend an average of $1,530 this season for gifts, travel and entertainment, a 7% increase from 2022, according to PwC.

While American consumers no longer face inflation levels like last year’s holiday season, they are still concerned about costs. Bankrate estimates that 87% of holiday shoppers plan to use at least one money-saving strategy, such as:

• Buying fewer items
• Seeking out more coupons or sales
• Starting holiday shopping earlier
• Purchasing cheaper brands
• Making gifts or crafts
• Obtaining more used or secondhand items

Financial anxiety and stress can be debilitating. Consider these Bankrate tips for managing holiday-induced financial stress and anxiety:

• Discuss low-cost ways to celebrate with family and friends.
• Get comfortable with saying no to additional spending.
• Establish a realistic holiday spending budget.
• Make shopping lists.
• Download apps for rewards, discounts and cashback.
• Practice mindfulness when you’re feeling stressed.
• Find joy and practice self-care.

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