Urgent Announcement: 'Magnificent 7' in for a World of Pain

What does every tech billionaire know that we don't? The tech apocalypse is here... And the insiders know it. Jeff Bezos just sold $3 billion in Amazon stock ... Jensen Huang just sold $713 million of NVIDIA ... Mark Zuckerberg just sold $1.3 billion in Meta stock...

How to avoid financial stress during the holiday season

ADRIANA MORGA
December 18, 2024

NEW YORK (AP) -- The holidays are meant to be a time of celebration with family and friends. But they can also bring pressure to spend money on gifts, gatherings and plane tickets home, exacerbated by brand emails, social media influencers and family expectations.

With credit card debt rising and prices for many items still high due to inflation, overspending during the holiday season can add to the financial stress many Americans are already experiencing, said Dr. Marketa Wills, CEO and medical director of the American Psychiatric Association.

"The idea that one is on the hook for buying gifts for all their friends and families adds an enormous amount of stress on someone trying to have a perfect holiday," Wills said.

But there are ways to get through the holidays without spending more than you can afford. From setting expectations with your family to making a budget to gifting experiences rather than things, here are expert recommendations to avoid financial stress this holiday season:

Start with a budget

To avoid overspending on gifts for family and friends, set a specific goal, said Matt Watson, CEO of Origin, a financial planning app. Ask yourself what your spending limit is before you start shopping.

"People get into 'justification mode' where you have a general sense of what you want to spend but then you see this really nice thing and all of the sudden you've done that a few times and you spend twice as much as you thought you might," Watson said.

Watson also recommends that you include in your budget calculations how much you'll pay for taxes and shipping.

Manage expectations with loved ones

In many families, the holidays mean going all out with gift-giving. But this can quickly become stressful if your finances make it hard to keep up. Managing expectations is key.

"You can avoid feeling inadequate, or like you're not doing a good job, by having an honest conversation about where your finances are," Watson said.

Being open about your money can be difficult, but sharing if you are struggling with debt or other financial issues can help family and friends understand that they should prioritize low-cost gifts or activities.

Don't wait until the last minute

Planning your holiday shopping ahead of time can make it easier to stick to your budget,.

"When people feel rushed, oftentimes they're going to buy more expensive things," said Watson, who also pointed out that shipping costs increase closer to Christmas.

As you budget for the holidays, make a list of the items you want to purchase and slowly start buying them. This way, you divide your costs among several paychecks and avoid relying on credit for last-minute expenses.

Get creative

Wills recommends that people opt for homemade gifts if they want to show appreciation for their loved ones without overspending. Homemade gifts don't always have to be crafts, they can also be actions.

"I will do babysitting for you, I will cook a meal for you," Wills said. "Those kinds of things take a financial pressure off and make for a more joyous holiday season."

In recent years, shopping expert Trae Bodge has noticed that younger people prefer to gift each other experiences rather than items. She recommends finding affordable, fun activities to do with your loved ones.

Examples include going ice skating, hiking or hosting a potluck. You could also gift a photoshoot or framed pictures or digital albums to commemorate happy experiences.

Create your own traditions

Expectations or traditions you grew up with, such as buying expensive gifts for every member of your extended family, can cause stress during the holidays. This is what Bodge refers as "keeping up with the Joneses," which refers to trying to keep up with the expectations of other people rather than what is realistic for you to spend.

"Sometimes you may have a family member that is very financially well-off and they love to treat you to big, extravagant things. If you're not in that same financial position, you should not feel compelled to return the favor," Bodge said.

When creating your own new traditions, Watson recommends sharing the financial goals you have, such as saving for a house or paying off debt. This will help your loved ones understand why you're looking to limit expenses during the holidays.

Divide spending responsibilities

Wills also recommends cutting costs by being selective with your expenses. For example, when it comes to hosting, even having a small group of people can be very expensive if you're expected to pay for everything. If you're in this situation, you could propose that everyone brings a dish.

"Think about having a potluck meal for the holiday. Have everybody bring something to the event to help share the cost," she said.

Communicate your feelings

If you are having financial difficulties, it can help to talk about it with your family and friends.

"Sharing about stress can in and of itself be therapeutic for the individual who may be having concerns for that during the during the holiday season," Wills said.

Making room to listen to your loved ones' feelings is equally important, she said.

And if the holidays are a tough time for you, Wills recommended that you prioritize your mental health and good habits such as resting well and exercising.

Don't be afraid to say no

It's the season where social events are happening every weekend but if they are causing you too much financial stress or hurting your mental health, it's okay to be selective.

Additionally, if you start feeling uncomfortable about certain conversations with your family, Wills recommends you take some time for yourself by taking a walk or removing yourself from the conversation.

Seek professional help if you need it

If you are experiencing mental health struggles, there are several resources you can use to find professional help.

In the U.S., you can dial 211 to speak with a mental health expert, confidentially and for free.

Other mental health resources include:

Veterans Crisis Line: call 1-800-273-TALK (8255)

Crisis Text Line: Text the word 'Home' to 741-741

The Trevor Lifeline for LGBTQ Youth: 1-866-488-7386

The Trans Lifeline: 1-877-565-8860

___

The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

___

A version of this story moved on Dec. 21. 2023. This version has been updated with new quotes and material.

Continue Reading...

Popular

Robert Kiyosaki Predicts Massive Market Crash: 'Save Gold, Silver, & Bitcoin, Crash Is Here'

Businessman and author of ‘Rich Dad, Poor Dad’ Robert Kiyosaki has predicted a colossal market crash and advised investing in gold, silver, and Bitcoin (CRYPTO: BTC), criticizing the financial authorities for

Elon Musk: "The Government Is Out of Control." - Ad

Elon Musk says the government is going bankrupt. Seniors are getting crushed by inflation. But there is a way you could claim a chunk of over $1 trillion in spending, courtesy of Elon Musk.

Trump Hotel Bomber's Chilling Messages Unearthed: 'TIME TO WAKE UP, Fight To Get Dems Out of Fed Government and Military by Any Means'

The man responsible for the detonation of a Tesla Cybertruck in front of the Trump International Hotel in Las Vegas on Wednesday morning had previously called for a violent purge of Democrats.

5 Military Stocks to Invest In - Ad

As violence spreads across the globe will you stay on the sidelines? We can't stop war, but you can win from it. These 5 military growth stocks could potentially build your personal wealth during global turmoil. Historically, similar stocks have seen growth of up to 16,270% in just 18 months.

Millions of people may get expanded Social Security benefits. Who are they and how would it happen?

ATLANTA (AP) — Nearly 3 million people could receive a boost in payments under legislation set for a final Senate vote in the coming days.

New Tech Breakthrough Threatens to Send Stock Market Tumbling - Ad

Apple, Microsoft, Amazon, Alphabet, Meta, NVIDIA, and Tesla could be in a world of pain because of this new shocking discovery. In this new exposé, Porter Stansberry shares everything you need to know.

Turo-rented cars were involved in 2 deadly incidents this New Year's. Here's what we know

NEW YORK (AP) — Two deadly incidents on New Year's Day — an attack being investigated as an act of terrorism and an in Las Vegas — both involved vehicles that were rented on Turo, a peer-to-peer car sharing company.

Set Your Alarm For 1:59 P.M. on January 31st Because THESE Stocks Set To Rocket Up - Ad

1:59 P.M. on January 31st. Set an alarm for that. Because you need to be prepared for an event that will send a certain group of stocks rocketing upward.

Palantir Was Not Part Of 'Cool Kids Club,' Says Dan Ives, As Stock Surges 376%: 'Group Think' Mentality Of Institutional Investors Gave Retail The Edge

Palantir Technologies Inc, whose shares have surged over 395% year-to-date, was better understood by retail investors than institutional ones during its challenging period in 2022, according to Wedbush Securities Managing Director Dan Ives.

Elon's New Tech Could Be Bigger Than Tesla & SpaceX... Combined - Ad

Forget rockets or brain implants... Elon's new AI product could be his biggest invention yet. Jeff Brown tried it himself recently and caught his experience on camera. See this footage because according to Tesla Magazine, this new product "could well shape the technological and economic future of our society."

Jim Cramer Warns Of 'Incredible Panic' As Jerome Powell's Hawkish Outlook Send Stocks Into Free Fall: 'People Throwing Away Good And Bad'

The U.S. stock market experienced a severe selloff Wednesday after Federal Reserve Chair Jerome Powell‘s comments triggered what CNBC’s Jim Cramer described as “incredible panic” in the markets.

Biden calls for ban on congressional stock trading

WASHINGTON (AP) — President endorsed a ban on congressional stock trading in an interview that’s being released this week, belatedly weighing in on an issue that has been debated on Capitol Hill for years.

A Strange Twist Is About to Hit the AI Market That Almost Nobody Sees Coming... - Ad

If you have any money in AI stocks right now, or if you're even thinking about it, you need to see what's going on. The truth is, the moves we've seen in tech and AI stocks over the last couple of months could be the start of something much bigger. That's why I've put together this special presentation with Wall Street legend, Charles Mizrahi.

Mary Trump Reveals the Worst Christmas Gift She Ever Received from Uncle Donald Trump

President-elect Trump's estranged niece recently shared some of her most peculiar Christmas gift experiences with her uncle.

What's Going On With Broadcom Stock?

Broadcom Inc (NASDAQ:AVGO) shares are trading lower Wednesday, pulling back from a recent surge that saw the stock join the $1 trillion club. Here's a look at what you need to know.

Must-See 20 Second Trading Demo - Ad

Larry Benedict's hedge fund went 20 years without a single losing year and was ranked in the top 1% in the entire world by Barron's.

Man Who Predicted Trump 2016-2024: Secret Executive Order Will Disrupt Financial Markets - Ad

Jim Rickards, famed Trump 2016-2024 predictor and CIA advisor, just dropped a new bombshell: a secret executive order could disrupt markets. His latest prediction has major implications for your financial future.

China sanctions 7 companies over US military assistance to Taiwan

BEIJING (AP) — The Chinese government placed sanctions on seven companies on Friday in response to of military sales and aid to Taiwan, the self-governing island that China claims as part of its territory.

Dogecoin Could Surge 7185% In 2025, Top Analyst Delivers Bold Forecast: Is $23 In The Cards For The Good Boy?

Popular dog-themed cryptocurrency Dogecoin (CRYPTO: DOGE) could swell as high as $23 this cycle, a noted cryptocurrency analyst delivered a bold prediction on Saturday.

Costco Gold Mania - Ad

They sell out "within a few hours" of going online, says Costco's CFO. And more than 77% of Costco stores have completely sold out as well. Despite the clear mania in gold... according to the gold experts at Stansberry Research, there's an EVEN BETTER way to invest in gold, without rushing to Costco to buy gold bars.

What's Going On With Super Micro Computer (SMCI) Stock?

Super Micro Computer shares fell 4.6% Wednesday. The Fed lowered the federal funds rate by 25 basis points to a range of 4.25%-4.5%.

More student loans canceled in Biden's final round of forgiveness before leaving office

WASHINGTON (AP) — The Biden administration is canceling federal for another 55,000 workers through an existing program known as Public Service Loan Forgiveness.

What's Going On in This Strange Facility Near Mar-A-Lago? - Ad

Most people have no clue this unassuming facility exists. Yet the minute Donald Trump takes office... This could be the most important building in America. More important than the Capital, the Pentagon... even the White House. Because this may well be the epicenter of Trump's New Manhattan Project.

Where To Invest? Here Are The Top 10 US Housing Market Hot Spots For 2025

The National Association of Realtors (NAR) has revealed the top 10 U.S. housing market hot spots to keep an eye on in 2025, with Boston and Kansas City among the top contenders.

EV Lease Nearly Free With $0 Down, $0 Month Offer In This State

Select electric vehicle customers in one state can lease a new Fiat 500e for nearly $0 thanks to tax incentives.

Is This Defi Coin Your Next "10-Bagger" Investment? - Ad

Our #1 pick in decentralized finance is largely overlooked by mainstream investors (for now). This governance token could skyrocket as DeFi adoption surges with the smart money and institutions.

2024 was big for bitcoin. States could see a crypto policy blitz in 2025 in spite of the risks

HARRISBURG, Pa. (AP) — The new year will usher in the bitcoin-friendly administration of President-elect Donald Trump and an expanding lobbying effort in statehouses that, together, could push states to become more open to crypto and for public pension funds and treasuries to buy into it.

Russian central bank holds rates steady at 21% amid criticism from key business figures

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.

My TOP Altcoin for Right Now Is... - Ad

Searching for the top investment opportunity in crypto? Look no further. Our $3 report gives you the full scoop. You'll get this exciting token's name, our recommended investment strategy, and growth projections. Time is of the essence with this one...

One dead, several injured after fire at Tyson Foods plant

One person is dead and several others are injured after an overnight fire at a Tyson Foods plant in southwest Georgia, the company said Friday.

Musk ascends as a political force beyond his wealth by tanking budget deal

In the first major flex of his influence since was elected, brought to a sudden halt a by posting constantly on his X megaphone and threatening Republicans with primary challenges.

Nvda: Correction or Full-Blown Crash? - Ad

It's clear that powerful headwinds are headed for NVDA in 2025. Analysts on and off Wall Street say to load up on THIS ticker instead. It's an under-the-radar AI stock that just hit a 52-week high. Marc Chaikin, to talk about the future of the red-hot AI trend... And he named this same stock as his #1 AI pick for 2025.

Ukraine halts transit of Russian gas to Europe after a prewar deal expired

KYIV, Ukraine (AP) — Ukraine on Wednesday halted Russian gas supplies to European customers that pass through the country, almost three years into Moscow’s all-out invasion of its neighbor, after a prewar transit deal expired.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright activatrade.ca
Privacy Policy | Terms of Service