With some planning and budgeting ahead of time, your holiday season can remain joyful and stress-free.
The holiday season is often a time for joy, connection, and celebration, but it can also be a time for financial stress and pressure. Between buying gifts, decorating, traveling, and hosting, it’s easy to lose control over your finances. With some planning and budgeting ahead of time, your holiday season can remain joyful and stress-free.
Learn more about how financial stress can affect your health, get some tips for budgeting for the upcoming holidays, and learn more about the resources ready to support you.
The Effect of Financial Stress on Your Health
According to the American Heart Association, more than 80% of Americans feel stressed about money. Whether it’s the upcoming holidays, mounting debt, or a lost job, long-term, chronic stress, like financial stress, can affect your health and wellness in several ways. It can:
- Raise your blood pressure and increase inflammation in your body
- Increase your risk for depression or anxiety
- Cause physical symptoms such as an upset stomach, difficulty sleeping, muscle tension, and weight gain
- Make you more vulnerable to illness
To avoid additional stress this holiday season, check out the tips below to stay in control of your financial health.
Tips for a Financially Healthy Holiday Season
- Create a budget. How much can you spend this holiday season without causing additional financial stress? When you have a number, use a worksheet, like this one from America Saves. Write down everything you plan to spend, broken into categories such as gifts, travel, decorations, and more.
- Track your spending as you go. Refer back to your budget as you begin shopping and update it as you go along. This can help you stay accountable and cut down on impulse shopping. If it’s not on the list, avoid purchasing it.
- Cut back in other areas. The holiday season comes with additional expenses, so look for ways to reduce spending in other areas. For example, can you pack your lunches or make your own coffee instead of going out this month? Saving in other areas can provide you with a little extra for the holidays.
- Put the emphasis on what matters most.
Before you start spending, think about what matters most and align your budget accordingly. Is it a big holiday dinner with family and friends? If so, spend more in this area and less on gifts, or consider having a potluck to reduce costs while still connecting with friends and family. If it’s making memories with your kids, plan low-cost outings like hot chocolate and a trip through the neighborhood to look at holiday lights in place of so many gifts. - Take inventory. Do you have any forgotten or hidden gifts from last year that you could use? What about a few rolls of gift wrap or holiday bags and tissue paper? Make sure you use up what you have before you spend money.
- Shop deals. Take the time to find the best deals for what you’re buying. Compare store prices to what’s online. Take advantage of special days like Black Friday or Cyber Monday (but stick to your list) and ask about military and Veteran discounts. In addition, consider buying secondhand. A garage sale or an online sales group may have good deals on decorations or new (or newish) items.
- Use your skills.
Consider baking tins of cookies or holiday snacks instead of a gift. Think about designing your own holiday cards online to save on postage this year. Create coupons to offer services in place of gifts, such as a night of baby-sitting or a homemade meal. There are a lot of great ideas for homemade gifts online, such as bath bombs, photo ornaments, and gingerbread syrup. - Plan ahead. Depending on when you’re starting, spread out some of the holiday costs. For example, if you know you’re cooking a large meal, start looking for grocery staples each week to avoid a huge bill right before the holiday. If you’re traveling, play around with different dates and check out special travel options for Service members on lodging and flights.
- Make the new year a financial success. Many companies offer deals in the new year, so try to reduce your cable bill, renegotiate your gym membership, or eliminate a subscription service before it renews for another year. In addition, it’s never too early to begin budgeting for next year. Set up a holiday fund and contribute small amounts throughout the year.
- Take care of yourself.
During the holidays, it’s easy to forget to take care of yourself. Remember to eat a healthy diet, exercise regularly, and incorporate stress reduction techniques into your daily routine. - Get support. You don’t have to let financial stress during the holidays weigh you down. There are resources to help you budget, track your spending, and more.
Support and Resources
- Military OneSource financial counselors are trained professionals who can help you with budgeting, money management, saving, and more – during the holidays and beyond. You can speak to a consultant in person, by phone, or via video. Military OneSource also offers financial information on topics that may be helpful to you, including investing, borrowing, and more.
- Your installation’s Personal Financial Management Program offers classes, seminars, and one-on-one support covering a wide range of topics to help your family achieve financial stability.
- Local and national programs such as Toys for Tots and Trees for Troops offer help during the holiday season. In addition, military service organizations like Operation Homefront do holiday food drives. Look to see what’s available in your area.
- Each branch of service has a private, nonprofit relief organization that assists Service members and their families in times of need. These organizations can help with things like medical bills, food, rent, child care expenses, or other unforeseen family emergencies.
- The Department of Veterans Affairs has several tools and resources to help Veterans and their families manage, secure, and protect their financial well-being, including help with budgeting, banking, benefits, and more.
The holidays don’t have to be financially stressful. Create a realistic spending plan, tap into support, and enjoy what matters most.