The holiday season is a time for celebration, giving, and creating memories with loved ones. However, it’s also a time when many people feel financial strain, with the cost of gifts, food, and social events.
Managing your financial wellbeing at Christmas can make a huge difference, leaving you to enjoy the festivities without stress. Here are five ways to maintain financial wellbeing over the festive season.
Many people find Christmas challenging, particularly if you have mental health problems. A survey by Mind charity found of 1,100 people surveyed, almost a third of people with mental health problems felt unable to cope at Christmas, almost three times that of the wider population. Also, around 41% of those surveyed reported getting into debt.
Financial Pressure
Did you know that… In December, people in the UK spend £740 more than in any other month. This covers gifts, food, and celebrations, but these extra costs can push many into debt or cause financial stress that lasts well beyond the holiday season. For people on tight budgets or dealing with job uncertainty, this added expense can make it harder to feel in control and start the new year on the right foot. Our campaign aims to help people spend mindfully and manage their money better, so they don’t end up overwhelmed by debt or stress in January.
Tips for budgeting and saving money:
Set a budget
Decide what you can realistically afford to spend and stick to it.
Consider making your own gifts
Perhaps you could make a batch of brownies as a gift, or put a skill or crafting hobby to good use? Also, make, reuse or repurpose decorations.
Get organised
Don’t leave Christmas shopping until the last minute, give yourself plenty of time to plan what you need to buy and find the cheapest deals. Don’t be rushed into panic-buying more expensive items.
Look out for deals
This time of year, there are lots of deals and discounts on offer, so keep an eye out for items that you plan to buy. However, beware of buying something that you wouldn’t otherwise purchase just because it’s on discount! Use tools such as mysupermarketcompare.co.uk to find the best deals.
Agree not to buy Christmas presents this year
Could you agree with some friends or relatives to give presents a miss this year? They might be relieved that they won’t have this financial burden either. Rather than buying individual gifts for family members or groups of friends, could you suggest running a Secret Santa with a maximum spend instead?
Use your Christmas budget savings or vouchers
You can also finance your spending by cashing in the balance that you’ve saved throughout the year. Use any vouchers you may have and cashback apps. Also, check if you have credits on your store loyalty cards, or corporate employee discounts. These don’t earn you any interest, so cash them in to help finance your Christmas spending.
Support is available
The Lighthouse Construction Charity’s campaign this year is “Coping During the Holiday Season”. They are on hand to help offer practical support for people who might be struggling, especially those in the construction industry, where financial stress and mental health challenges are common especially this time of the year. They can help with money advice, legal advice, diet and nutrition, loneliness, mental health and much more.
The Lighthouse Construction Charity
The Lighthouse Construction Charity provides free 24-hour, seven-days-a-week emotional, financial and wellbeing support for those in the industry. You can call The Lighthouse Construction Industry helpline for free 24 hours a day, seven days a week on 0345 605 1956 in the UK.
Uncomfortable talking? Unable to find space for a private phone conversation? Receive 24/7, free and confidential guidance and support over text.
Chat with a trained volunteer and share what you’re comfortable with, whether you’re feeling overwhelmed, stressed, anxious, suicidal or simply struggling with everyday life.
Text HARDHAT to 85258 (UK) or download the “Construction Industry Helpline” App from Apple Store or Google Play.
Please reach out if you need help and know that you are not alone.
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All permanent Octavius employees have free confidential access to our EAP services.
Our Employee Assistance Programme gives you someone to talk to and share your worries with, to help you get through your problems.
For support and guidance when you need it visit our Atlas site for contact details.
