Dealing with money worries at Christmas

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Health Assured team

22 November 2021

Finances are an area of difficulty for many people. And at Christmas, these concerns can become even more heightened. The flood of social events, the pressure of presents to buy and the increase in outgoings spent on food and drink all mount up.

This year, these demands are only heightened by the impact of COVID-19. Redundancies, job losses and time spent on slashed furlough rates saw households across the nation struggle. Although these struggles are almost a distant memory, their impacts can resurface during times of stress.

As the big day is quickly approaching, we wanted to give you some tips for dealing with money worries at Christmas this year.

 

Don’t overcommit

It’s okay to say no. Know your emotional, physical and financial limits. When we overstretch ourselves in any area, it invites stress and tension. It’s difficult to turn down party invites, cut back on expensive gifts and reign it in on social occasions. But sometimes, it’s necessary. Overcommitting too much can lead to burnout and exhaustion. It can also severely deplete your funds, which in turn creates more stress. It’s a vicious cycle of overcommitting and overspending that can have a dramatic impact on mental health. Try to remain aware of your financial and physical tolerance levels. Listen to your body and your bank account and let them guide the way.

 

Budgeting is best

It can be hard to find time to sit down and work out your Christmas budget. Life demands get in the way, and drafting a financial plan is often the last thing on the to-do list. But working out your budget is one of the best ways to keep the money worries at bay this Christmas. Once you know how much you’re able to spend in each area, you’ll have a better idea of what you can afford and where.

 

Preparation is key

When you prepare for Christmas early, you give yourself a chance to research the best deals available. Instead of rushing last minute to get your presents, decorations, and food all ticked off, you can take your time. This way, you’re less likely to panic-buy, pay over the odds or make rushed, unnecessary purchases. It also gives you more time to reinvent the wheel. Make it fun, get creative, regift presents you’ve never used or make your own.

 

Talk to others

Money worries can weigh heavy on the mind. Particularly if you’re in debt or you’ve recently experienced financial difficulties. These worries and anxieties fester over time, causing you to feel, think and act differently to normal. If you’re worried financial worries might be affecting your mental health, reach out and talk to people you trust around you. Opening up about your money troubles can ease the tension of painful emotions and help you put a plan in place to overcome them. Remember that we’re all in this together.

 

Health Assured can help with money worries at Christmas time. Call us today on 0844 891 0353.

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