Christmas is a time for family, friends, and loved ones to come together to celebrate. For many, the holiday season is filled with joy, laughter, and love. But it can also be a difficult time for some. Christmas heightens the stresses of our everyday life. It often makes us anxious about the  year’s goals we didn’t achieve, holiday’s expectations we harbor, and expenses those expectations will incur. With such demands on our pocket it’s easy to lose the fiscal prudence we maintained all year.

The problem is that there is so much to celebrate: events pop up; family abroad visit; the home or apartment need a spruce up; and gifting is a must. But we have to manage what children, spouses, partners or friends want versus what we can afford. Even our charitable giving must be scrutinized. We can’t avoid spending this season, but we must do so wisely to prevent post-holiday debt.

Setting a budget is the best way to start. It forces us to decide what is possible with our limited finances. Staying within that budget may be tough, but our affairs will fare better for it. A smart budget will even include contingency for unexpected last minute costs.

Still, we should take on only what we can handle physically and emotionally, in addition to our financial considerations. Our decisions in what we do in this season must be responsible and practical.  This way we can keep a positive outlook and maintain our mental well-being.

You may also be interested in