How to Reduce Financial Stress and Anxiety During the Holidays

Join our #CreditChat on Periscope, YouTube Live, Twitter, and Snapchat every Wednesday at 3 p.m ET. In this chat, we discussed ways to stop anxiety during the holidays and reduce financial stress.

This panel included: Neal Stern: CPA, member of the AICPA’s National CPA Financial Literacy Commission; Rod Griffin: Director of Public Education at Experian; and Christina Roman: Social Media Specialist at Experian.

We also featured financial tips all week on Snapchat.

Questions We Discussed:

Q1: What are some common signs that the holidays are causing you stress?
Q2: What are some mistakes to avoid if you feel financially stressed by the holidays?
Q3: What are some simple steps you can take if you are feeling completely overwhelmed by the holiday season?
Q4: How can you establish realistic expectations for your family members and kids during the holidays?
Q5: How can you plan ahead to make the holidays fit within your budget?
Q6: What are some meaningful gifts you can give that won’t break the bank?
Q7: What are some traditions you can start with your family and friends that don’t involve gift-giving?
Q8: How can you ensure that you are taking care of yourself and minimizing stress during the holidays?
Q9: What steps can you take to ensure that your 2018 holiday season is not as stressful?
Q10: Any final tips to avoid holiday stress this season?

5 Tips to Help You Avoid Financial Stress This Holiday Season

Get Organized
Create a list of events and activities you are participating in throughout the month. You’ll also want to map out who you are buying for and create a budget for each activity and person.

Prioritize Your Bills
With so many expenses during the holidays, you may be tempted to skip a bill and pay it the next month. This is one of the worst things you can do for your finances and your credit score. Your payment history is the number 1 factor in your credit score.

Talk to Your Loved Ones
Have honest conversations about with your family about what you can contribute this holiday season. This would be a good time to come up with meaningful traditions and activities that will help everyone give back and save more.

Use Cash for Your Purchases
If you find that it’s a little too easy to run up your credit card balances during the holidays, leave them at home and stick to cash. This will help you stay on budget and avoid debt. Remember, credit utilization is the 2nd biggest factor in your credit score.

Make Time for Yourself
Don’t let your self-care fall by the wayside. Make sure you are prioritize the activities that keep you healthy, get plenty of rest, and don’t hesitate to seek professional help if you need it.