How Do You Stay Financially Sane This Festive Season?
đ¸According to the Bank of England (2020), "a typical UK household spends over ÂŁ700 more in December compared to other months".â Considering that this year is financially tough on so many families, the pressure to spend money on countless presents, Christmas decorations and mountains of festive food can feel especially difficult.
So how do we stay sane this season while still enjoying the holidays?
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understand your habits
âConversations about investing have traditionally been patronising toward women, with the assumption that we are either too ârisk averseâ or lack the necessary knowledge needed to be successful investors. â
Itâs difficult to resist the temptation to consume at this time of the year. Once we realise that we have to reduce our consumption it takes a lot of effort to actually do it. Itâs difficult because money is emotional and in so many ways, we spend it to prove something to ourselves and those around us.
We have to go back to the root of why you do things. Why do we buy Christmas gifts? Why do you need to buy not one but many gifts? Why do we buy advent calendars for kids?
Those of us who do celebrate the holidays can probably all relate to the traditions that come along with it.
Why do we continue these traditions? Because we are creatures of habit and want to remain consistent in our behaviour. Itâs always easier to fall back on what youâve done your whole life than take a step into the unknown.
How to keep sane
Show gratitude for what you already have. Stop seeing the glass as half empty. If this is something you struggle with, perhaps start journaling.
We can get so caught up in the negatives of our life - and with the world as it is today, the overwhelm can get intense.â
As Voltaire said, âappreciation is an excellent thing, it makes what is excellent in others belong to us as well.â â
Do you try to keep a gratitude list? You can start writing 3 things you're grateful for each day.â
Perhaps some days you feel like thereâs nothing to be grateful for - but it can be something as small as âtoday I made a nice breakfastâ - when you notice the little things, it really helps shape your perspective.â
Learn to say no to things you donât feel like doing or are out of your budget.
This can be things like Christmas parties or participating in Secret Santa.
Focus on what matters most to you.
December is super full on, so protect your mental health by making the time to do things you enjoy.
Remember why you give
Gifts show the way in which you regard a person. Thatâs why generally, people prefer thoughtful gifts over costly ones.
The magic of Christmas should be more about the quality time spent with family and loved ones, rather than the material possessions that it brings.
Give to charities and those who need it the most.
keep it sustainable and save money
Make lists and budget - donât buy anything you havenât budgeted for.
If you feel youâre going into unmanageable debt â stop yourself and make a debt repayment plan.
Donât give into impulsive spending.
Be purposeful with your giving. Ask yourself, âwhy am I buying this gift, will this gift add value to their life?ââ
Repurpose and reuse. There is no shame in buying used items as Christmas gifts. The stigma of buying used goods is now a thing of the past, as 9 in 10 consumers are now happy to shop second hand, due to concerns about the cost of living, the environment and a desire to own 'unique' items.
Remember that experiences are more valuable than material things for many.
More possessions often means more problems
Try to shop independently
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