Use These 5 Tips to Reduce Financial Holiday Stress

For our audience of accountants, bookkeepers, CPAs, and small business owners, this time of year is even more stressful that it is for the average Joe. The reason is because we have the upcoming tax season clearly looming in the back of our minds, or may even already be working extra to prepare. If you recognized yourself in this category, MoneyThumb offers these 5 tips to reduce holiday stress.

Use These 5 Tips to Reduce Financial Holiday Stress

1. Discuss what the holidays mean to you and your family. Talk about your values and consider alternatives to unbridled spending. Make the conversation about the “why” we celebrate and what it means to us—then consider the “how’s”.
2. When you are dealing with extended families, it’s important and necessary to set reasonable, manageable, and realistic boundaries. Your wallet might not be as full as others in your family, or you might be aiming your savings at retirement, saving for college or other valuable goals. Take the blame and shame out of the holidays by having the crucial and perhaps uncomfortable conversations with other family members to set expectations that are more reasonable to you. Yes, you might be moving out of your comfort zone, but that is not necessarily a bad thing. Same old-same old might not work anymore, nor does it have to.
3. Instead of making the holidays a time where breaking the bank becomes the norm, make it a time to do meaningful activities that don’t revolve around spending unnecessary dollars. I know of many families who volunteer at food banks or work on projects to help others—these activities can provide deep meaning and value to your life, perhaps more so than a “thing” can. The stories these volunteers tell after the holidays are priceless, and the lessons they are providing their children have far reaching benefits about the meaning of helping make the world a better place.
4. Create your budget for the next holiday in January. You are probably saying to yourself, "no way, I don't ever want to see holiday stuff again!" However, you can take such great advantage of the post-holiday sales for items you know you’ll need next year. For example, wrapping paper, cards and other items you buy every year can be purchased at terrific savings if you think ahead. In creating a holiday budget in January, you can divide the amount by twelve months and begin to set it aside monthly, thereby avoiding the January depression and anxiety when the credit card bills come in.
5. Focus on celebrating what is most important to you and your family. Whatever the meaning behind your holiday, put the emphasis on what you care about, not on the financial aspect of the expectations of others or the pressure applied by advertisements and promotions.

With well-defined boundaries, open and forthright communications, and a plan that you feel confident about, you can look forward to a holiday season that doesn’t end in misery. You deserve to celebrate fully and happily without the January bomb or feelings of regret. You can make new habits and enjoy the holidays by making small steps to a better and happier outcome.