Financial Aftermath of the Holidays

Now that the holiday season is coming to an end, many of us are shocked about the financial aftermath of the holiday season. Whether we overspent on gifts, vacations, or outings, we may feel a sense of guilt or even regret when we check our account balances. You are currently not alone if you are feeling anxious or depressed due to your holiday spending, as millions of Americans tend to tighten up their budgets after the holiday season. In order to effectively deal with your emotional responses associated with holiday spending, it is important to reevaluate your expectations for the future and focus on the true meaning of the holiday season. Many tend to overspend when feeling stressed and when they experience symptoms of depression and anxiety. Credit Karma conducted a research study where they estimated that over 50% of individuals spend impulsively when they feel emotionally overwhelmed. Additionally, for those who tend to feel down around the holidays, spending and gift-giving may provide us with an instant feeling of gratification. We tend to become excited when we buy ourselves or a loved one a certain gift and, in that moment, we tend to push away any negative emotions we may have been feeling before. However, the guilt and shame tend to slowly creep back in when the excitement fades.

For many who feel guilty about splurging on gifts and/or receiving lavish gifts, giving back by packing up belongings that you may no longer need and donating to the less fortunate may be therapeutic. In addition, it is important to stay away from retail ploys after the holidays that encourage individuals to shop more due to extra savings, sales, and ongoing post-holiday promotions. These retail ploys often target individuals who are stressed, as many marketing tactics often focus on how certain products can improve your life by making your life easier or make you more productive. Marketing tactics may also convince consumers that certain deals will disappear using messages, such as, “one day sale.” In the end, the pressure of the gift-giving, traveling, and outings during the holiday season can weigh many individuals down and many may feel an exacerbation of anxiety and depressive symptoms. Meeting with a qualified psychologist can help individuals effectively cope with the impact of the holiday season. Contact the Miami Psychology Group if you are interested in individual, couples, and/or family therapy services.