November 18, 2024 | 3:37 PM MST
Written By: Teresa Milner | Senior Wealth Management Advisor with Pearl Capital Management

The holiday season is already upon us. It seems that Christmas decorations appear in stores earlier each year. I first noticed them in mid-October, before Halloween, signaling the start of the holiday rush. For many, this brings both excitement and a sense of urgency to begin shopping early. As the holiday approaches, it can become challenging to keep track of what has been purchased, how much has been spent, and even where the gifts have been stored.

Maintaining financial wellness is always important, but it becomes even more critical during the holiday season. Along with your financial wellness, it is essential to manage your holiday stress.  

Below I share some insights to effectively manage both financial wellness and holiday stress:

1. Take a Balanced Approach
   • • Spending: Set a realistic budget that includes gifts, travel, and holiday festivities. Establish boundaries and be transparent about your budget to avoid overspending.
     • Saving: Use cash or a debit card to prevent accumulating credit card debt and paying high interest.
     • Planning: Look for sales to make your budget go further. Plan meals ahead of time to take advantage of grocery discounts.
2. Consider Alternative Gift Options to Reduce Costs
   • • Experience-Based Gifts: Offer meaningful experiences like a shared activity or outing.
     • Homemade Gifts: Create personalized items that add a thoughtful touch without breaking the budget.
3. Continue Saving for Long-Term Goals
   • • Even if you need to save smaller amounts during the holidays, maintain consistency.
     • Avoid interrupting your financial progress to ensure you stay on track with your goals.
4. Prioritize Your Time and Energy 
   • • Focus on activities that hold the most meaning for you.
     • Be selective with your commitments—saying yes to lower-priority activities may mean missing out on more important ones.
     • Set boundaries with your calendar to prevent over-scheduling and maintain balance.
5. Focus on Self-Care to Maintain Balance
   • • Rest: Prioritize a good night’s sleep to recharge and stay energized.
     • Exercise: Make physical activity a priority by scheduling time for it. Regular exercise helps boost energy levels and prevents sluggishness.
     • Nutrition: Stick to a balanced diet to avoid unnecessary stress on your physical well-being. Straying too far from healthy habits can increase strain and reduce resilience during the busy holiday season.
6. Focus on What Matters Most
   • • Celebrate the season by cherishing time with loved ones and creating meaningful memories together.

Maintaining your financial wellness while managing stress will bring more joy and peace to your holiday season. Remember to be flexible with yourself. If you slip up, don’t feel guilty—simply get back on track with wise, healthy choices the next day. Keep the season simple and focused on meaningful connections rather than obligations.

This article was written by Teresa Milner, CDFA a Certified Divorce Financial Analyst who specializes in helping women navigate through divorce and into the next financial chapter of life. For more information, email her at CDFA@thepearlcapital.com.

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