Drazen Zigic // Shutterstock
Written by Kim Sheffield-Chang
The holiday season is nearly here, which, for many, means gathering with loved ones, feasts, gifts, travel… and finding a way to afford it all. If the mention of all those commitments triggers tension, you’re not alone. Americans have already begun grappling with the dual challenges of rising costs and the pressure to keep cherished traditions. This year, inflation continues taking a toll, making the 2024 holiday season increasingly financially taxing and stressful.
The intersection of financial strain and mental health has never been more pronounced, and understanding this connection is essential for navigating the upcoming festive season. Blueprint, a company that provides an AI Assistant for therapists, has some suggestions for minimizing financial stress.
Financial health is mental health
Thanksgiving marks the beginning of this season of celebration, but it also highlights the stark reality of increased expenses. According to a recently released Deloitte study, it’s expected that Americans will spend an average of $1,778 per person during the 2024 holiday season—which means a family of four is saddled with a staggering additional $592 compared to only a year ago.
While the rise in spending is influenced by factors like inflation and higher costs overall, the effect goes further than consumer wallets—this holiday financial burden directly impacts the nation’s mental health. A survey commissioned by the American Psychological Association found that the vast majority of Americans (72%) cited finances as a “significant” source of stress—and even more alarmingly, 86% reported that financial concerns led them to experience symptoms of anxiety and depression, especially during the holiday season. It’s clear that this widespread financial strain is causing significant anxiety and stress, particularly as families strive to meet expectations during a season that traditionally emphasizes joy and generosity.
Financial stress is a well-documented contributor to mental health issues, but new data suggests that one might lead directly to the other. Beyond the feeling of the squeeze of increased prices, a National Alliance for Mental Health study revealed that individuals who overspend during the holidays often report a diminished sense of satisfaction with their holiday experiences. The mental health effects of this cycle of financial worry overshadow the joys the season is meant to celebrate.
Strategies for managing holiday financial stress
Let’s talk turkey—the good news is that there are ways to help mitigate financial health strain and mental health symptoms. Mental health therapist Vivian Chung Easton at Blueprint suggests a few scientifically-backed strategies that can help:
- Remember what the season is about: Sure, it’s nice to go all-out on an elaborate menu and gifts, but what holiday gatherings are for is spending time with loved ones. Try to re-ground yourself in the ultimate “why” the holidays are a time to celebrate—being together.
- Set realistic spending boundaries: If you’re worried about your finances or questioning whether you made the right decisions by overspending, it can actually rob you of enjoying your celebrations. The more you find joy and value in spending time together, you won’t feel as stressed about your spending. To better help you reign in overspending, create a budget that reflects your financial situation and stick to it. Embrace low-cost celebrations with an emphasis on fostering genuine connection. That way it will be easier to avoid the temptation to overspend in the name of holiday cheer…or springing for that organic cranberry sauce.
- Practice mindfulness and gratitude: The term “mindfulness” gets thrown around all the time, but knowing how to engage in it can help positively reframe your experiences. Instead of being worried about what is missing, or could have done better or bought, allow yourself to be fully in the moment when spending time with family. Being more mindful and present can help you to better realize what you do have, which leads to more gratitude—a great way to start off the season at Thanksgiving.
- Add meaningful experiences to your holiday traditions: Spending time with loved ones or volunteering can bring a sense of fulfillment that transcends material gifts. Even better, you can make these experiences part of your holiday tradition as part of your celebration every year.
- Reach out: If you’re still feeling out of sorts this season, there are mental health professionals ready to help. There’s no shame in finding someone to talk with.
Finding joy beyond financial burden
As many begin to navigate this holiday season, it’s time to find new ways to celebrate without the high price. By reframing the joy of the season by spending quality time with those you love rather than over-spending on gifts and food, we can find fulfillment and care for our mental well-being. This can be a time of gratitude, reflection, and connection—one that values relationships over receipts.
This story was produced by Blueprint and reviewed and distributed by Stacker.
