How to deal with financial stress and your mental health at Christmas

Beat Financial Stress and Protect Your Mental Health This Christmas

‘Tis the season to be jolly, until you look at your bank balance…

Christmas can be one of the most joyful times of the year, yet it can also be a source of stress and financial strain for many.

For those feeling the pressure, the financial expectations around Christmas shopping, gift-giving, and holiday preparations can make the season a stressful time. Overspending is a common issue, and it's easy to lose track of expenses during the holiday hustle and bustle. For many Australians, the festive season often leads to an increase in stress levels, impacting both physical and mental health.

For many, the holiday season can bring heightened stress and worry. According to research by Beyond Blue [1], 77% of Australians admitted to feeling stressed towards the end of the year because of the financial strain during this time.

What’s more, 83% revealed the cost of living is negatively impacting their mental health. But a third said they are unlikely to put a plan in place to help manage their mental health.

“As the holiday season approaches, financial stress is having a significant impact on people’s mental health, it’s a time of great reflection, loneliness for some, and impossible financial expectations for others, such as buying presents or travelling to see family,” says Beyond Blue’s Clinical Spokesperson Dr. Grant Blashki [1].

“Family events can also be a mixed blessing, beautiful celebration for some and a source of great stress and even conflict for others.”  

For some, the pressures of buying Christmas gifts, hosting gatherings, or traveling to see loved ones can make Christmas an extremely stressful time. While it’s natural to feel the pressure to spend, it’s important to remember that the true spirit of Christmas doesn’t have to involve financial strain. Setting healthy boundaries around spending can help you feel more in control and prioritise your mental wellbeing.

There are things you can do ahead of the festive season to help things from feeling like your bank balance is going to blow out of control [2]. 

1. Put together a budget - and stick to it

It’s so easy to lose track of spending during the silly season. After all, the festive season is a time to do Christmas shopping. Planning a budget for Christmas shopping and holiday expenses can help you avoid overspending and feeling out of control. Make a list of everything you need to buy and set a spending limit to manage Christmas without breaking the bank. By planning ahead, you can reduce stress, enjoy the festive cheer, and avoid debt.

2. Talk to your family

It's okay to open up to loved ones about your financial pressures. Consider setting a limit on how much should be spent on gifts or even suggest a Secret Santa - family gatherings and gift exchanges can be adjusted to fit everyone's budget!

If you are hosting Christmas dinner, you could suggest for everyone to bring a dish or even hold celebrations on a different day if it looks like the cost of travel is too much.

Sometimes there are unrealistic expectations of the season, but you can still enjoy Christmas celebrations on a budget or on a different day.

“If the holidays give you financial stress and anxiety, talk with your loved ones about an alternative format to holiday spending and gift-giving this year that takes the pressure off of everyone,” Ilian Georgiev, CEO of co-founder of Charlie, a personal finance app, tells Bank Rate [3].

These small changes can relieve some of the financial burdens and help you focus on celebrating together.

3. Choose what's important

With so many holiday events, you don’t have to say yes to everything. Make a list of the most meaningful gatherings to go to, and don't feel guilty about saying no to the rest. 

You might also find joy in giving back, whether it's volunteering, helping someone in need, or simply offering your time to someone who may have find themselves alone at Christmas. After all, it's not about spending money, it's a time of giving - and giving can also mean your time and effort.

4. Get started early and look for bargains

Shopping early and taking advantage of discounts can help you avoid last-minute expenses [4]. Another tip may be to pick up decorations, gifts or wrapping paper in the January sales after Christmas and store them for next year. You just have to remember where you put everything!

Shopping around for deals can help you make Christmas an enjoyable time without the stress of overspending.

5. Ask for help when you need it

Financial worries don’t have to be faced alone. Whether it's discussing your concerns with a partner, friend, or a professional, reaching out can relieve some of the burdens. Speaking to a therapist or financial advisor can also be beneficial if financial stress or mental health struggles feel overwhelming.

“Communication is very critical not just in terms of financial crisis or going through trauma or any kinds of issues we face because many of us these days do still consider money as a taboo subject, so we don’t openly discuss if we are struggling with any other people around us,” financial specialist Prem Singh tells FBC news [5].

If financial strain and holiday stress are affecting your mental health, Mosh is here to help. Our personalised mental health support plans are designed to assist those dealing with anxiety, depression, or other mental health concerns, offering convenient online therapy, video consultations, and treatment services. With Mosh, you can access professional support from the comfort of your home, helping you stay grounded and take care of your mental health during the festive season.

We’re help to help you find an expert who understand what you’re going through. 

Our online therapists specialise in:

·  Anxiety

·  Relationships

·  Depression

·  Mood

·  Burnout and more

If you’re in crisis or experiencing suicidal thoughts call 000 or Lifeline 13 11 14