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Holidays and Financial Stress
Are you worried about money heading into the holiday season? You’re definitely not alone! A 2022 ReachOut survey found that one in three young people between the ages of 16 and 25 say that the cost of living is their biggest worry at the moment.
Financial stress can have an impact on your physical and mental health, your relationships, and your overall wellbeing. If you’re experiencing financial stress you might notice:
- you’re constantly arguing with friends or family about money
- you have difficulties sleeping
- you have loss of appetite
- you’re feeling antisocial and avoiding events.
The good news is that there are many ways to reduce financial stress, like practising mindfulness, sharing your situation with your friends and family and allowing them to support you, and seeking out professional support for your mental and/or financial health. Doing mindfulness exercises, like yoga or meditations, can help you relax and reduce stress. Friends and family can also be a great support if you’re comfortable sharing your current financial difficulties. They may be able to help you financially, give you tips on how they manage financial stress, or just be there for you if you need to talk.
With the holidays coming up, you might be feeling even more anxious about how you will manage financially, especially when it comes to affording gifts. If this is stressing you out, it’s worth looking into some financial support options. You can get financial support from a number of places, including the National Debt Helpline, or connect with services such as Services Australia, The Salvation Army, and Vinnies.
There’s also plenty of ways to “chill for cheap” over the festive season. You could try:
- creating hand-made holiday cards with things you already have at home
- planning a picnic with friends where everyone has to bring a dish
- borrowing a book from the library
- baking a packet cake
- doing an online yoga class
- watching a web series on YouTube.
So, what will you be doing to make the cost of living easier during the holidays? Do you think you might do some mindfulness activities, or do you have any tips for others on how to be mindful or where to seek additional support?
Comments
This was such a great resource, thanks for sharing @Stormy-RO !! I really love the playlist idea, it's so meaningful & super practial as I listen to music a lot 🥰
This year for Christmas, I'm gifting my family and friends some baked goods to make the cost of living easier for me. I found some reusable jars laying around my house, and I'm going to be baking some cookies (store brought cookie dough) and gifting it to them in the jars. It's also a good self-care for me during this stressful time 🙂 I would love to hear everyone elses ideas of making the cost of living easier for them
What an awesome alternative to the social expectation of money-fuelled holidays.
To make the cost of living easier during the holidays I have been clear to friends and family that I would like to reduce spending money on gifts and instead, am more than happy to celebrate with quality time and acts of service.
Another good idea is to create a Christmas budget from the start of the year where you can opt to put small savings away for the end of the year. If by the end of the year, money is tight you now might have the option to use the savings to help yourself.
I have also heard of Kris Kringles where you give away something that you already have in your house and vice-versa within a group. You can make it funny! My step-mum once received a pumpkin and those are the types of gifts you never forget 🙂
Such a helpful article!
Although focusing on mindfulness definitely helps to cope with the stress, I think I would also consider the practical steps I could take with unavoidable expenses.
It could be helpful to shop around for sales or the cheapest option for groceries and other necessities. Although it's a time-consuming process, it can save money as the price disparities between different stores are dramatic at times, especially when they accumulate as you buy more things.
In terms of gifts, gift-giving is not very established in my family, so I only buy holiday gifts for my best friend. I think that it's vital to openly communicate with your loved ones, to mutually agree upon a budget for gifts that is reasonable for you. Financial insecurity is increasingly common, so I believe that honesty about financial stress wouldn't be taken negatively.