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NEW YORK — The Fed raised interest rates once again earlier this week, in a continuing effort to combat inflation. While inflation has slowed a bit, reflected most obviously in leveling gas prices, it still has a firm grip on the U.S. economy.
The holidays are already incredibly stressful for many Americans as they juggle family time, finances, and mental health. Add to that the worry about being able to afford their gifts and celebrations.
A recent survey of more than 1,000 Americans provides insight into topics related to holiday stress. How do Americans feel about the impending holiday season, and its obligations, and their ability to set boundaries and say no to things they don't want to do or simply can't afford.
More stress around the holiday season
The top reason for holiday anxiety is the cost of paying for gifts. Nearly two-thirds (64%) of people polled admitted feeling stress during the holidays. More than one in two (52%) Americans worry about how much they spend during the holiday season. Currently, finances are at the top of mind for many, with inflation and a potential recession on the horizon.
Other reasons for holiday stress include spending time with family, seasonal depression, not having enough time for self-care, and hanging out with friends. Surprisingly, the hardest thing people who struggle with saying "no" to — is saying no to their friends. More than 1 in 3 (35%) said they have difficulty turning friends down.
Greg Wilson, a chartered financial analyst with a background in psychology, says the best gift you can give is to yourself. "If the expenses of the gift-giving season are weighing you down, just let it go. The people you give gifts to are people that care about you. Have a conversation with them to set gift expectations.
What may really surprise you is the people you talk to may be relieved when you suggest you lower your gift buying budget.
–Greg Wilson, chartered financial analyst
"This is especially true with your spouse since you are in the same financial boat. What may really surprise you is the people you talk to may be relieved when you suggest you lower your gift buying budget." Greg and his wife Erin own ChaChingQueen, a site offering tips to live a happy and healthy life on a budget.
Trouble setting boundaries
Another of the significant contributors to stress around the holidays is not setting boundaries. Setting boundaries may include setting a firm budget for gift-giving or saying no to a few holiday parties. Without boundaries, we can find it difficult to say no to commitments or buy gifts we cannot afford. More than half (58%) of people have trouble setting boundaries around the holidays, which can increase stress.
Andrew Herrig, the founder of Wealthy Nickel, says, "The first step in setting healthy boundaries is to evaluate your budget and determine how much you can spend on Christmas gifts. If you have always overspent in the past, it can be difficult to set a limit going forward, but having a conversation with family and friends to set expectations can go a long way toward reducing financial stress. You might be surprised how understanding others are of holiday budget constraints."
Stress a larger problem for women
Not surprisingly, women are more likely to feel stress around the holidays than men. 74% of women versus 53% of men admitted to getting stressed around Thanksgiving and Christmas. 62% of women surveyed admitted to struggling specifically with financial stress around the holidays, compared to 42% of men.
According to the most recent "Truth in Medicine" study of inhabitants of the New York metro region, women under 50 are the most stressed as the holidays draw near, with 61% stating that their stress level is high or very high.
Of those surveyed, the two things that cause people the most worry are money and family, with 25% of respondents citing debt and money worries related to the holidays as sources of stress and 20% citing family troubles as a source of stress. However, most respondents offered that all factors — finances, family, overscheduling, shopping and overeating — cause stress when asked to pick the top three (out of five) causes of Christmas stress.
Tips for reducing holiday stress
We may not be able to eliminate stress around the holidays completely. And not all stress is a bad thing, either. The goal shouldn't be to eliminate all stress but to find opportunities to reduce it. The Mayo Clinic shares the following nine tips to fend off holiday anxiety.
- Plan ahead
- Say no
- Plan spending
- Create relaxing surroundings
- Maintain healthy habits
- Share feelings
- Respect differences
- Be realistic
- Take a break
Try a few of these techniques to help you reduce stress during the holiday season. At the end of the day, the holidays should be a joyous time of year when we get the opportunity to spend time with family and friends. Don't let tension get in the way of making great memories.
