Christmas is a wonderful time of year for so many people. We get to spend time with family and friends, share stories, moments, food, and love.
But for a great number of people, the festive season also brings with it worry, stress and uncertainty. I’m talking of course about the financial struggle Christmas can impose.
Almost every year since 2008 the American consumer has increased spending on holiday gifts.
And according to a study by the National Retail Federation, Americans were projected to spend more money on gifts in 2019 than they ever have before.
Keeping up with this need to spend such a large amount of money for the Christmas holidays is totally unsustainable for some. And not only that, but the stress and anxiety to ‘fit in’ with the popular trend are deeply concerning.
So is the answer more borrowing and more debt?
Or is there a better way to solve your Christmas Financial worries?
Mindset Shift
One of the easiest ways to avoid this dramatic overspending is to fundamentally shift the way you think about Christmas. The festive period can be thought of as more than just an abhorrent first world splurge on consumer goods.
Remember the reason we celebrate Christmas in the first place and what it actually means for your family. It’s time to come together and reflect on the year that has passed. Lavish gifts are not required to get the full joy of this experience.
It is more difficult to implement this tectonic shift in thinking when you have children. Of course, you need to be mindful of their expectations, their friendship groups, and the limited number of years they have to enjoy the magic of the holiday from a child’s perspective.
But you can still achieve all of this by spending more frugally and making a conscious effort to not drain your savings.
