Tis the season of joy and happiness where we can all come together, reflect, celebrate and be thankful for one another. But for many, 2024 has comprised of unwelcome financial pressure, with high inflation and interest rates. So, if you’re wondering how on earth you’ll survive the silly season, you’re not alone. We’ve listed a few of our key tips and considerations for making the jolly season a fun and smooth ride for all.
Understand your money story going into this season
Your money story (sometimes referred to as ‘money script’) is your subconscious wiring around finances, shaped by childhood upbringing and core memories. If the household you grew up in was scarce with resources – for example you may have been profusely aware that you received fewer presents than your peers at school – this core memory might still linger within your subconscious influencing your money behaviour and decisions.
Having this awareness will help to maintain logical thinking when it comes to determining how and what you choose to buy for others. This means, if you typically feel the pressure to overextend yourself to provide for those around you, simply because you want to help others avoid what you experienced earlier in life, take a step back and consider the real impact this might have.
Be honest – have open conversations and set expectations with your loved ones
More often than not, decisions around gifts are based on assumptions and societal pressures, not on understanding what loved ones actually want. So don’t be afraid to open the conversation up around expectations for gifts and food contributions. Many might be feeling the same pressures as you, but we often don’t know until we just talk about it.
If you have young kids, this time of year provides great opportunities to teach them lessons about money. Some of the most basic financial concepts can be grasped as early as age five – nine. When it comes to wish-lists, start by telling them your budget (or Santa’s budget) for gifts and allow them to research the presents they want and have them ensure they come in under that budget. Sure, this might remove some of the ‘magic’ of the season, but the gift of financial literacy will last them a lifetime.
Understand your tendencies and triggers when hitting the golden mile
Shopping centres are lathered with beautiful merchandising designed to lure you in. Consumer behaviour has been studied for decades, and stores are laid out for exactly the reason to get the most out of your wallet. If you’re easily tempted by the finest of displays, keep this in mind.
Nail your list of items down before you enter the stores and stick to it as if all eyes are on you. There’ll always be that ‘one extra thing’ laying before your eyes that you hadn’t thought about for Joey’s already overflowing stocking, so planning ahead is a great way to set yourself up for success. This is where the beauty of online shopping comes into play. It makes searching for specific items much more seamless, and many stores have click and collect available to avoid the crowds and hassle.
Create a limit for each gift and stick to it.
Generosity is a beautiful attribute to have but not when it comes at the detriment of your financial progress. Create parameters on what you’re able and willing to part with and stick with it. We love seeing our friends and family happy with the gifts we buy, but that only goes so far. Don’t underestimate how valued your company is and the core memories you create. For many, these are valued far more than physical gifts.
Lastly, be kind to yourself
Small financial blunders aren’t going to break your ongoing progress. As with any journey towards self-improvement, one bad day does not set you back for a lifetime, and it’s not worth allowing your mistakes to put everything to a halt. True momentum is gained by the small, continuous actions you make every day – and the systems you put in place to support that. So, if you go a little over budget this year, pause for a quick breath, recalibrate and choose again to stay the course.
Receive the gift of accountability: a life-long financial trajectory
The greatest Christmas presents you could ever give yourself and your family, is a financial trajectory shift that can last a lifetime. If you want to harness the power of accountability and financial coaching, book a consultation with enable.me today and take control of your financial future.
Disclaimer: This blog post is for informational purposes only and does not constitute individual financial advice. If you’re interested in receiving financial advice, you can book a consultation with an enable.me coach. Costs apply.
