Shift Your Mindset This Holiday Season
Are you scared to look at your bank account yet this holiday season? Approaching mid-December, holiday spending is in full swing. We spend money on gift-giving, dining, holiday experiences, hosting, travel, and home-décor to create holiday season magic. Many already feel tapped out and nervous about overspending. November and December are often the most stressful times of the year financially, leaving many entering the new year with a money hangover. Most people spend more during the holidays than at any other time of year. At Currency Mindset, we aim to get ahead of that overwhelming out-of-control feeling and enter into the new year feeling successful. Below are seven money mindset exercises you can do daily to keep your mindset positive during this holiday season.
Check Your Accounts Daily
When we know our spending is above normal, it often creates anxiety when checking accounts, even when we’ve budgeted for the extra spending. Anxiety when checking accounts is counter-active to creating an abundance mindset. Anxiety goes hand-in-hand with fear and fear is what keeps us stuck instead of moving forward. Checking your accounts daily will help prevent that anxiety feeling and allow you to keep better track of spending. If you have a budgeting app that tracks all spending across accounts, debit and credit cards make sure it updates in real-time and check it daily.
Focus On Meaningful Gifts
Buying generic gifts can often mean spending more to get what’s trending this year. Focusing on more meaningful, thoughtful gifts usually results in spending less. Books make great gifts, are inexpensive, and can be life-changing if they’re in a subject a person is looking to learn more about. Inexpensive matching jewelry like friendship rings are memorable and express how important the person is to you.
Practice Positive Abundance Affirmations When Spending
When your card gets swiped more than the usual amount per day or week, it’s easy to start having anxiety or ill emotions as you continue to swipe your card. Fight those negative feelings by intentionally saying out loud or to yourself “There’s more money where that came from,” or “I have so much money in my account.” Even though your reality may differ, by saying positive affirmations, you shift your current reality to your desired reality of abundance.
Beware of Discussing Finances With Family And Friends
Holiday gatherings bring together friends and family you may not normally see throughout the year. It’s only natural to update your family and friends on what you’ve been working on the past year and your goals for the next year. I’m an advocate for financial transparency. I believe the more open people are about finances, the more opportunities everyone has to learn and grow financially.
At the same time, be careful whom you discuss your finances and financial goals with because not everyone has your best interests. Some people cannot handle talking about finances. I’ve seen people lose relationships over money – specifically finding out details about a friend’s financial situation they weren’t aware of and becoming jealous and competitive. Misery loves company. Unfortunately, some people who do not feel abundant themselves, do not want to see you feeling empowered over finances, reaching financial milestones, or making financial goals for the future. Only discuss finances with individuals who embrace a positive and supportive mindset and do not fall into the trap of trying to keep up with the Joneses.
Adjust Budgets After a Splurge
Overspent on a recent shopping trip? It happens to the best of us. Maybe it wasn’t even a splurge but an unexpected expense that came up. Luckily, you can lighten the blow by adjusting your spending in other areas on a weekly, monthly, or quarterly basis (however you do your budgets).
Create Low-Cost Experiences
Creating holiday magic and trying to get in the holiday spirit can be costly. Aim for coffee dates instead of holiday dinners when catching up with old friends. Driving to nearby destinations instead of flying to expensive destinations farther away can save a lot of money. Looking at lights, ice skating, holiday movie night, or taking a stroll through a holiday market are low-cost experiences that are memorable and don’t break the bank. Instead of spending a lot of money on professional exterior home lighting, which can cost hundreds or thousands of dollars, focus on indoor lighting and decorations, which are easier to DIY and more cost-effective.
Celebrate Financial Wins From The Past Year
Did you max out a retirement account, finally get the raise you’ve been working towards, or start a passive income stream? These are huge financial milestones that people take years to reach. Celebrate these wins with gratitude and reflect on the hard work and dedication it took to get there over the past year. Use this inspiration to set goals for the next year.
The holiday season often comes with stress from spending on gift-giving, holiday experiences, and travel. Implementing these seven principles will help you combat those holiday spending blues so you can focus on what matters during the holiday season – spending time with loved ones. Remember to be kind to yourself and others, and there’s always a chance to improve your money habits for the next year. CM.
