COVID-19 and the Holiday Season
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December 7th, 2020
COVID-19 and the Holiday Season
“The most wonderful time of the year” is upon us but, for many, the holidays can be hard. This year, due to the pandemic, it’s even more likely than usual for families to be grieving a loss, experiencing anxiety and depression, or lacking financial resources. Additionally, adhering to recommendations to limit social gatherings means missed opportunities to spend time with loved ones. Now is the time to create a plan that will reduce stress, keep your friends and family safe, allowing you to have a jolly season without breaking the bank.
With financial struggles being more common than ever, many Americans are worried about how they will cover the additional costs that the holidays bring. As a matter of fact, two out of five consumers plan to spend less than usual this year. How can you spend less this year? Here are some ideas to help with that!
- Talk about expectations with your friends and family – Discuss limiting gifts this year, perhaps participating in a White Elephant or Secret Santa gift exchange or setting a maximum dollar amount for each gift.
- Create a Holiday Budget – Calculate how much you will have to spend and set a spending limit. Prioritize your spending, buying the most important things first and saving the least important for last!
- Research, research, research – Take some time to find the best prices. Impulsive buying may be fast, but it can cost you in the end. Also, look for coupons or join loyalty programs at grocery or retail stores!!
- Shop early – Plan ahead so you don’t end up having to pay high last-minute shipping costs. Also, many retail businesses are offering extended Black Fridays deals.
- Giving gift cards from local businesses is a great way to support small businesses in your area. Also, consider donating to charities in someone else’s name!
The most important thing is you set the personal and financial boundaries that are right for you. It’s ok to forgo gifts altogether, instead choosing to use this year as an opportunity to simplify your holiday season. Establish, communicate, and honor your boundaries. Don’t take on more than you want to or more than you can handle. Celebrate the season in the ways that are right for you! Happy Holidays!