However, underneath the anticipation is often an imposing urge to spend, and for many, to spend money they don’t have.  The holiday season is a time of year that people seem to justify excessive spending and think about the consequences of going into debt later. How many times have you heard people say “it is OK to overspend because it’s the biggest holiday of the year, or, everyone is ‘doing it,’or, how will it look if I go to the party in the same outfit I wore a month ago – I need something new?”

If those rationalizations sound familiar and one of your goals is to enjoy the holidays while working towards achieving future financial freedom and decreasing financial stress and burden, then rethink your past buying patterns and initiate some new ones.  Remove the “spend, spend, spend” peer pressure during the holidays that brings people further into debt or depletes their bank accounts, just because it is the holiday/new year’s season.

You can still have fun, enjoy parties, family and networking events without the negative financial consequences if you create a plan and commit to the discipline of carrying it out.

Here is a simple plan to help you stay within your budget:

1. Start with a realistic budget. How much money can you spend without going into unwanted debt?

2. Decide what you want to do this holiday season, and with whom you want to spend your time.

3. Determine how much money that will cost you, including dining out, meeting friends for drinks and buying gifts.

4. Identify the social events you want to participate in and prioritize with those that are most important and urgent at the top.  Look at your budget and create a plan that works for you.  If you have to, cut out the least important things.

5. If there is money left over, you can allocate it to another item you want to buy, or put it back into savings.  Don’t feel obligated to spend your full budget just because you can.

6. Pay for everything in cash if possible. Paying cash will keep you aware of your budget and priorities.  If you do pay by credit card, be mindful of interest rates on your credit cards.  People often forget how much more items cost them when they accrue credit card interest.

7. Bring joy into all your activities, including work and tasks, so your focus is on more than material items.  Redirect your focus to non-material/heart centered things you can do that are meaningful and will make others happy.  Be generous with your time and friendships.  Adding value to other people’s lives won’t take money out of your pockets, and will yield a return on investment (ROI) of deeper satisfaction and fulfillment that no amount of money can buy.

8. Once in a while, instead of going out, invite friends and family over and have everyone bring their favorite dish.  Inviting people to your home is not only a warm gesture, but also saves you a significant amount of time and money, and you will still have those you want around you for a good time during the holidays.

9. Be grateful for what you have, and spread the joy of the season through good will, good works, generosity and love.

My wish for all of you this holiday season is that you find your bliss within the beauty of your inner being and that you share your warmth and love with all those you meet.

Happy Holidays!

Dr. Claudia “Chloe” Rothbell

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