833: AVOIDING THE HOLIDAY FINANCIAL HANGOVER
“Planning and saving for holidays like Thanksgiving and Christmas should happen months in advance. They are not a surprise.” —Dave Ramsey
The last thing anyone wants after a magical holiday season is the dreaded financial hangover that comes when you receive the January credit card bill.
Thanksgiving and Christmas come around every year. So you and your spouse have plenty of time to plan in advance for how you’ll handle all the holiday costs.
Presents, parties, food, and travel can all add up quickly. On top of that, you have your regular bills, possible birthdays or anniversaries, school tuition fees, and more.
If you choose to be reactive with your holiday spending, you’ll end up in chaos. Instead, now is the time to choose to be proactive and commit to a plan with your spouse.
Overspending during the holiday season usually has good intentions—such as making family memories or spoiling your spouse or kids—but it can have painful repercussions for your relationship.
Your holiday spending decisions don’t just impact your Financial Intimacy Pillar. In reality, your money choices affect every area of your marriage.
Financial stress impacts sex, dates, conversations, and more. It can affect whether you feel close and connected to your spouse (in other words, intimate) or if you feel like there’s a chasm between you two.
Don’t risk the disconnection that a holiday financial hangover can bring.
You need a plan to organize your finances—especially during the holidays.
According to a recent poll, less than half (48%) of the couples in the ONE Family plan a holiday budget together. For the remaining 52%, financial frustration will likely creep in before, during, or after the holidays.
If you’ve ever experienced a holiday financial hangover, you know the sinking feeling of realizing you’ve overspent.
To help you avoid the terrible holiday financial hangover, the ONE Family recommends the following strategies:
- Set a fixed cost per person for gifts.
- Use an app or spreadsheet to track your spending.
- Get your shopping done early so you’re not spending under pressure.
- Create a plan with extended family to minimize financial stress.
- Normalize handmade gifts.
- Use cash to avoid racking up a credit card bill.
- Get on the same page with your spouse early!
Communication is key to avoiding financial hangovers during the holiday. The best place to start is to sit down with your spouse this week to create a holiday budget that works for both of you. Use the free Holiday Spending Planner as a guide.
With a little intentionality at the start of the holiday season, you can enjoy time together without the nagging feeling that you’re over budget.
Remember, this should be a time to reconnect and create meaningful memories together. Don’t let holiday costs come between you. Make your plan today and enjoy the magic of the season.
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