Managing your money this holiday season isn’t just about finances—it’s a gamechanger for your mental health, too. In fact, our Born This Way Foundation research shows that financial stress is one of the top sources of stress among youth ages. To help mitigate your stress, here are 3 things you can do to help be mindful about your money this time of year:
1) Take a deep breath and set a budget
Planning your holiday expenses in advance can help you prevent stress and overspending. This can be as simple as creating a spreadsheet of anticipated holiday expenses or writing a list with the name of every person you plan to buy a present for. Having this information down on paper can help you feel more prepared and confident in spending. And remember, to take deep breaths through it all!
2) Embrace mindful gifting
It’s not about the price tag, but rather the thought and meaning behind the gift. The holidays are a great opportunity to show your creativity, and with any handmade gift, you’ll save money! If you need an idea to get started, our Channel Kindness Editor Aysha recently started to experiment with clay and made homemade candle holders and trinket holders for her loved ones this year.
3) Track your spending
Apps and spreadsheets can help monitor your expenses and keep you within your budget. As you make purchases, add the actual spending amount to the spreadsheet to track money spent.
Try to stick to your holiday list and budget as best you can, but if you just can’t help yourself, be sure to add it to your spreadsheet so there’s no surprises as to where you spent your money.
These tips can help you navigate the holidays while maintaining financial stability and reducing stress. We invite you to adjust these tips for your personal circumstances and wish you the happiest of holiday seasons!
*This article was created with support from our partners at Experian. To continue your financial wellness journey, visit https://www.experian.com/blogs/ask-experian/.