The holidays are a wonderful time of the year to enjoy activities with your friends and families, to rest and to remember the grace of God. However, it can also be a stressful time of the year if you don’t manage your money. Unfortunately, it can be easy to get caught up in spending because of all the deals and the gifts to give.
Maintaining financial security is an important part of mental health, and we want you to always feel your best. Here are some financial mistakes you need to be sure to avoid this holiday season.
Three financial mistakes to avoid during the holidays
- Setting the bar too high — Do you have a lot of friends and family members you want to celebrate this season with? What a blessing! However, if you want to give gifts to a lot of people, you’ll quickly realize what a drain that can be on your finances.
Avoid setting the bar too high. Give reasonable gifts to everyone, and give more expensive items to those you are closest with. Those who you care about but don’t see as regularly should not be expecting anything extravagant from you. And, if your money is tight, those who are close with you shouldn’t expect anything too crazy either.
- Failing to budget — Avoid going on a spending frenzy without checking your budget first. Yes, we know it’s exciting to see that television for more than half off, but can you actually afford it? Plan a budget for the season and make sure you stick to it to avoid a financial disaster.
- Failing to talk to your partner — If you share funds with someone such as a spouse or partner, you need to establish a spending plan with each other. Set a limit for how much to spend on gifts and stick to it. Exceeding this limit for each other or for other people can cause stress in your relationship that you don’t need.
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