If the holiday shopping season stresses you out, you’re not alone. Research by financial services company Bankrate revealed that more than half (54%) of holiday shoppers expect to feel financially burdened this holiday season as they anticipate overall high costs.
American consumers will spend an average of $1,530 this season for gifts, travel and entertainment, a 7% increase from 2022, according to PwC.
While American consumers no longer face inflation levels like last year’s holiday season, they are still concerned about costs. Bankrate estimates that 87% of holiday shoppers plan to use at least one money-saving strategy, such as:
- Buying fewer items
- Seeking out more coupons or sales Starting holiday shopping earlier
- Purchasing cheaper brands
- Making gifts or crafts
- Obtaining more used or secondhand items
Financial anxiety and stress can be debilitating. Consider these Bankrate tips for managing holiday-induced financial stress and anxiety:
- Discuss low-cost ways to celebrate with family and friends.
- Get comfortable with saying no to additional spending.
- Establish a realistic holiday spending budget.
- Make shopping lists.
- Download apps for rewards, discounts, and cashback.
- Practice mindfulness when you’re feeling stressed.
- Find joy and practice self-care.
If you’re feeling significant stress, consider talking to a mental health professional for guidance and support.