After a year full of uncertainty, especially when it comes to our finances, many of us are looking forward to the holiday season.  While the holidays bring a sense of comfort and certainty, many of us are dealing with financial setbacks such as a loss of employment, reduced income or other unanticipated expenses.  This may make it more difficult to avoid creating more stress for ourselves and having holiday debt follow us into the new year.
Here are five tips to give you less stress and more joy this holiday season:

1. Set a holiday spending limit.

During the holidays, it can be easy to let spending creep up on us. Put a cap on spending by creating a holiday spending plan. Be sure to factor in additional non-gift related expenses that can easily add up – things like holiday photos, decorations, food and if your gathering is cancelled, shipping gifts to friends and family.

2. Avoid putting holiday expenses on credit cards. 

To support your financial wellness, try to avoid spending money you don’t have.  While it is easy to do, putting holiday spending on credit cards can be risky – especially if you don’t have the funds to pay it off when the bill comes due.  According to a recent survey, Americans racked up an average of $1,325 in holiday debt.  Most said they wouldn’t be able to pay it off and some said they would only be able to pay the minimum – resulting in over $600 in interest and 5 years of making payments.

3. Trade pricey for priceless.

A great gift doesn’t have to be expensive. Think outside the box and treat your loved ones to a thoughtful gift that generates excitement without the price tag.  Maybe that’s a handmade item, DIY project, a fun experience, a coupon book or just the gift of your time.

4. Keep your personal info safe. 

The holiday season is a time when people are more vulnerable to identity theft scams. Not only are we making more purchases than at any other time of year, but we’re often distracted when doing so.  According to a recent Experian study, as much as 43% of holiday shopping identity theft occurs online. As the current COVID environment drives more people than ever to online shopping, it’s important to be aware of the best ways to protect yourself from identity theft:
 

• Stay up-to-date with online scams
• Use strong account passwords
• Monitor your credit report

5. Stay on sound financial footing with our support.

If you’re stressed about your finances this holiday season, we’re here to help. Ninety percent of people surveyed report feeling better prepared to handle their finances after speaking with a financial counselor. Our Financial Health Center experts are ready to meet with you to discuss your unique situation and help you feel more hopeful about it going into the holidays. Visit CreditHuman.com/locations to find the Financial Health Center most convenient for you.

If you are not able to make it into one of our locations, our partners at GreenPath are just a phone call away at 877-337-3399. They can help you put together a plan to get a handle on your finances, and best of all it’s absolutely free.

Wishing you and your family a healthy, happy and hopeful holiday season.