Ladies: 7 Tips for Blasting Away Financial Stress During the Holidays

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Holiday stress has a particular impact on women, who take charge of many of the holiday celebrations, according to a study by the American Psychological Association (APA).  

“For some, the holidays bring joy and laughter, and for others, it brings on more tasks and spending. I always feel I am never done!” says Barbara Provost, consultant, educator, entrepreneur and founder of Purse Strings. “Although a time of wonder, evergreens, snow for some and cookies, it can be extremely stressful,” she adds.

The APA study found that women take on the tasks related to preparing meals and decorating and are more likely than men to report an increase of stress during the holiday season. In fact, 44 percent of women are more likely to feel that stress increases around the holidays compared to only 31 percent of men. 

For women, stress may be a function of greater family responsibilities during the holidays, according to the APA study. Women say they have a harder time relaxing during the holidays and are more likely to take on tasks related to family celebrations such as shopping, cooking and cleaning.

How to Deflate Financial Stress 

Provost says it's possible for women to deflate holiday financial stress.

“Once you’ve assessed, planned and budgeted for high-spend situations — it goes for birthday parties and weddings, not just the holidays — you give yourself a sense of control and minimize stress,” she says.

The APA survey says that lower middle income households ($30,000 to $50,000 household incomes) report a particular increase in stress during the holidays. A total of 53 percent of people in this income range feel their stress increases during the holidays, versus 31 percent of people with lower incomes and 40 percent of people who have household incomes over $50,000. 

Tip 1: Get a separate account just for holiday spending. 

Provost suggests having a separate account just for the holidays. “It’s difficult to Christmas shop without a plan on what is affordable. If your typical holiday spend on gifts, food, and the like is about $800 is about $67 a month, make that deposit every month. Better yet, set up an automatic transfer to a Christmas account and it’s done!” says Provost.

Provost says that while it’s hard to reverse engineer this, you can tackle this idea starting in January to start your prep work for next year’s holidays.

Note: You can still funnel some money into an account to plan for a New Year’s party!

Tip 2: Write out a gift list. 

“Who do you want to buy gifts for and what causes do you want to donate to? Don’t forget those outside the family you want to recognize — a babysitter, your mail carrier, your favorite hairdresser, etc. You want to give gifts to people who serve you throughout the year,” says Provost. 

Provost suggests keeping that list handy next year so you can remember these people year to year and add to the list as new people enter your life. 

Tip 3: Decide on a dollar amount for each person on that list.

You can’t budget your money until you’ve decided on a dollar amount for each person you plan to buy for. It’s a great way to visualize how much you plan to spend and totaling it up helps you organize how much it costs.

Allocating a dollar amount for every person also ensures that you spend the same amount on like relatives. For example, it’s a good idea to write down how much you’ll spend on each grandkid. That way, it’s completely fair and even, cost-wise. Here’s an example of how that can look: 

Grandchild 1: $100

Grandchild 2: $100

Grandchild 3: $100

Son: $500

Daughter: $500

______________

Total: $1,300

It’s set and there’s no question about how much you’ll spend.

Tip 4: Think beyond toys, toys and more toys. 

Do you agree that kids need fewer toys and more planning for the future? Consider needs versus wants and invest in opportunities for the future. Saving for college with a 529 plan or considering other ways to get college paid for is a great way to prepare for the future.

Consider other things kids need — soon-to-graduate college kids need professional clothing, kids who will start a new sport need cleats, kids who need to practice reading need books, etc. 

Think beyond the toys. Most kids have way more than they’ll ever play with, anyway.

Tip 5: Tally your list and consider any adjustments, if needed.

Provost warns that it’s easy to forget about additional holiday items you may want when you’re shopping — Christmas cookie ingredients, candles, a fresh tree, wreaths and more. “Don’t forget to budget in your holiday mani/pedi, hairdo or massage,” she says.

These “little” things add up, so don’t forget that you still need the extras to make the holidays great, even if you’ll entertain a smaller crowd at your house this year.

Reexamine where you’ve allocated money. Can you take a little bit of the tip you normally allocate for the mailman and funnel the money back toward your mom and dad? Get creative!

Tip 6: Stick to the costs on the list.

You want to stick to your list to minimize as much stress as possible. Don’t deviate from the dollars you’ve written on your list.

“What you don’t want is to slap everything on a credit card and say you'll figure it out later,” says Provost.

Step 7: Prep for after the holidays.

Don’t forget about buying items after the holidays! 

Provost says the best time to plan for the holidays is the year prior. Hit the sales after the holidays disappear. Instead of gobbling leftover sugar cookies, go shopping for next year with your newfound holiday money. “You can find sales on wrapping paper, tape, serving items, cookie tins, ornaments and more! Even better, you can buy all this stuff for practically nothing after the season,” she says.

Stop Stressing and Get Going

During the holiday season, women report worrying most about time, money and the commercialism of the holidays, according to the APA. From gifts, shopping and cooking, accommodating family and decorations, many feel there are not enough hours in the day. 

Provost suggests maintaining as much control as possible to afford the holidays, as well as the credit card bill that will follow.

Provost has the perfect solution for women who want to get their finances in order: Tap into Purse Strings’ latest course to start the new year with a resolution to get in front of your money. It’s the best way to learn how to control your money instead of letting your money control you.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.