Regretfully, the best intentions related to holiday spending can end up causing undue stress when bills show up in January. As consumers, we allow the spirit of the holidays to lead us to many stores and websites. The festive images and thoughts of putting smiles on our loved ones’ faces get the best of us. About a month later, reality sets in, followed by regret.
As Beyond Finance’s trio of financial experts would say, “No amount of unmanageable debt is worth the stress that follows.” That’s why budgeting and smart shopping is essential during the holidays.
U.S. News & World Report published a story about “Tips to Avoid Overspending on Gifts This Holiday Season.” To help Americans keep holiday spending as joyful as it should be, they consulted several financial experts for tips about watching your money and spending what you have properly.
Among the counselors and budget professionals was Beyond Finance’s Nathan Astle, CFT-I, founder of the Financial Therapy Clinical Institute. His Yuletide advice was to “Make a Joy-Based Gifting Plan.”
“A significant reason for holiday overspending is a genuine desire to share love and joy with those who matter most,” says Nathan Astle, a financial therapy consultant for Beyond Finance. “If that is managed, it can be an excellent thing. If that expression of love comes with resentment toward yourself or others, giving loses much of its joy.”
He suggests determining the full amount you need for holiday spending and not allowing “that sum to cause you any anxiety.”
For the rest of Nathan’s advice and the rest of the crucial considerations for the holidays, bookmark this page and visit it during your time of holiday spending.