Finances Over the Holidays: How to Minimize Stress and Celebrate the Season
“Have no anxiety at all, but in everything, by prayer and petition, with thanksgiving, make your requests known to God” (Philippians 4:6).
Believe it or not, the holidays are around the corner. With inflation and the cost of living as high as it is, this season has the potential to be more financially stressful than usual. Between parties, gifts, decorations, and food costs, it is easy to feel overwhelmed.
This experience tends to lead people into one of two unhealthy situations: either they ignore how much everything costs, put it all on a credit card, and decide to figure it out later (paying 10% to 30% interest on those charges), or they stress, worry, penny pinch, find a way to not go in debt, and do not enjoy the season.
Both options not only sound miserable but also take away from the joy of the season. Let’s take a different approach to the holidays this year—one that puts God in the center (as he should be) and allows us to give, serve, celebrate, and enjoy. Through creativity and planning, we can recapture the holidays and feel less overwhelmed and stressed.
Step 1: Identify Your Goals
First, make a plan. Every woman reading this article will have a different plan, because everyone is unique. Family traditions, expectations, and sizes differ, and these differences will drive your plan.
Upcoming holidays and seasons include Halloween and All Saints’ Day, Advent, St. Nicholas’ Day, Christmas, New Year’s Eve and New Year’s Day, and more. Maybe, like my family, you have a few birthdays scattered in there, too! No wonder we are all overwhelmed.
Begin by breaking it down and setting expectations. Take out a notebook, or use a spreadsheet (I am happy to share a template if you email me). Write the name and date of each upcoming holiday you plan to celebrate at the top of a page (one page for each holiday). For each, write what you need to do for it, what you need to buy for it, deadlines, and any other details you want to remember. Based on this information, estimate the cost—both in dollars and in time—and write down those numbers.
Budget Your Time
Next, look at your time and financial budgets. Start with time. Take out your calendar, and block off the periods of time you will need. Do you have enough time to do it all? If not, whom can you enlist to help you? Is there an event or activity you should skip this year?
Some people don’t like to be this specific—but I promise, if you make a clear plan, it will take some stress off your plate. You will know you have the time to do everything you need to do. You can still be flexible with yourself and work on each task as you have time. If you complete a task in spare moments here and there, that’s great! Now, you have a block of time for yourself.
This time of year takes discipline. As you grow in this virtue, you will become less overwhelmed and stressed.
The Financial Budget
Now, take a look at each event individually and then at the total. This step will give you an idea of how much extra expenses you will have and when they will probably happen. Knowing what you need to buy early on will give you some time to find sales and be creative about how to pay for it all.
Regardless of the savings you can find, you’ll need to compare your list with your resources. Can you afford it all? Do you need to cut back or simplify? God wants us to live within our means. While the holidays should be special, they should not put us in debt!
If you need to cut back, talk to whomever you will be celebrating with, and make a plan together. Inviting others into the conversation is a great way to find new ideas and to understand which traditions matter the most to each member of your celebration. Maybe this year is not the year to do it all. Maybe not doing it all will lead to an even better holiday season!
Here are some ideas to help keep your spending within budget this year:
Redeem your credit card points for gift cards or cash to pay for Christmas gifts or other holiday expenses.
Go to the dollar store for decorations and stocking stuffers or St. Nicholas gifts. (Make sure to go early, because they run out fast!)
Keep an eye on the nonperishable food items you need for holiday meals at the store. When they go on sale, buy them early, and write yourself a reminder that you already have them.
Keep an eye out for gift items that are on sale all year long. Create a place in your home where you store them. Have a list of whom you need to buy gifts for, and check off each person as you find something for him or her. This approach also spreads out the expenses, so you don’t have to pay for them all at once.
Try shopping at farmer’s markets, craft sales, or secondhand stores for unique items that might be less expensive.
Consider shopping at your local Spots Initiative if you have one. The prices there tend to be a bit lower than at similar sites.
For costumes or holiday clothing, first look at secondhand stores (ThredUp is one of my favorites). Nice clothes, especially for kids, are usually only worn once or twice, so they are often still in good shape.
Consider making gifts or buying gifts for a group in bulk. Buying in bulk (if you will use it all) is usually less expensive.
This list is far from extensive, but I have used some of these ideas to save money during the holidays. Remember, though: When thinking about saving money, keep an eye on your sanity. If saving $5 means adding five hours of work to your life, is it worth it to you? Sometimes, it helps to think about your time in terms of money. How much is an hour of your life worth? Is whatever you are doing worth that amount of money?
Stepping Back
Now, take a moment to look at the big picture. You have listed everything you want to happen during the holidays, how much time it will take, and how much it will cost. Take a minute to reflect. Ask God, “Is this too much?”, “Is this enough?”, and “Is this what you want for my family’s holiday season?” So often, we just go, go, go! We need to take the time to reflect and let God speak into what we have planned and what we are doing.
Maybe we do not have the money to do everything this year. Maybe God is asking us to give in a different way this year. Maybe he has a way for us to make a little more money over the holidays so we can afford a bit more. Maybe he wants us to start a new tradition or stop one that doesn’t feel right.
The holidays can be busy, and it can be easy to push God out of the holidays, but we must fight against it! After all, the word “holiday” means “holy day.” Holy days need to include God. It will look different for everyone, which is why we need to take the time to reflect and ask God what he has in mind for us.
Being a Witness
God does not want us to be stressed. He does not want to be excluded from our celebrations, and he does want us to celebrate differently. He invites and encourages us to be a “light for the nations” (Isaiah 42:6). We can attend our company holiday parties and Christmas light celebrations, but we should do so as a bit of a contradiction to the world. When everyone else is celebrating Christmas during Advent, maybe we can have an Advent party instead. Consider saying “no” to a few things so you have time to contemplate Christ coming into the world or serving the poor in a special way to teach your children about giving.
There are many ways to be authentically Christian that do not require us to be removed from the world. In fact, they may require us to be in the world but different from everyone else. Who knows? Maybe someone will be so intrigued by your actions that they will want to celebrate Christmas with you and learn about the birth of Christ.
Keeping your activities and gifts within your time and budget constraints is a way you can witness to the world. Our time and money are gifts from God, and we are simply a steward. We should use them for his greater glory and in the ways he wants us to. Take some time to plan, to reflect, and to discern what your holidays should look like this year. On a feast day, celebrate—and celebrate well. Maybe someone will ask you what makes December 8 so special or why your kids received gifts on December 6. Be excited to tell them about Mary or St. Nicholas.
When it is all over, take a moment to reflect on how you did this year, what you want to change next year, what you want to keep, and how God was part of your holidays. Go back to your notebook or spreadsheet, and fill in the actual amount you spent in time and in money. Journal a bit about how it all went.
May God grant you peace and joy in the upcoming holidays and spare you stress and anxiety!
Erica Mathews currently works for Financial Counseling Associates. She completed her course work for the CERTIFIED FINANCIAL PLANNER™ certification at the College for Financial Planning and is 6 months of experience away from completing her certification. She is passionate about helping families build their wealth so they can live out the calls God has places on their hearts. She lives in Colorado with her husband and four kids. They love everything outdoors including gardening, hiking, biking and simply exploring nature. If you would like to reach out to Erica, her email is erica@fca-inc.com.