How to deal with the financial worries of the holidays

CHRISTINA: IT’S CYBER MONDAY. I HAVE ALREADY STARTED SHOPPING. THAT MEANS MANY OF YOU ARE GOING TO GRAB THOSE LAPTOPS, TABLETS, PHONES AND MAKE PURCHASES. EVEN IF WE GET OFFERS, PRICES ARE WAY HIGHER THAN WE HAVE SEEN IN THE PAST. JASON: ACCORDING TO A NEW REPORT FROM RAMSEY SOLUTIONS, NEARLY HALF OF AMERICANS ARE NOT JUST CONSIDERING CUTTING DOWN THIS CHRISTMAS TO MONITOR THEIR FINANCES, BUT ALSO SAY MONITORING THEIR PORTFOLIO HAS A NEGATIVE IMPACT ON THEIR MENTAL HEALTH. WE ARE CALLING ON EXPERTS TO HELP US OVERCOME THESE FEELINGS DURING THE HOLIDAY SEASON. WE HAVE RACHEL CRUZE, PERSONAL FINANCE EXPERT, AND DR, MENTAL HEALTH EXPERT. JEAN DELONY. HELLO. >> THANK YOU FOR HOSTING US. JASON: HOLIDAYS ARE HARD AND CAN BE HARD FOR PEOPLE. WITH INFLATION REACHING A 40-YEAR HIGH, IT’S NOT SURPRISED PEOPLE ARE REDUCING AND PEOPLE FEEL GUILTY. >>>> SPENDING CAN BE TOUGH BECAUSE YOU ARE STRESSED AND CHRISTMAS IS NEARING AND YOU NEED TO MEET THE EXPECTATIONS OF YOUR FRIENDS, FAMILY AND YOUR OWN CHILDREN. IT IS IMPORTANT TO BE OBJECTIVE WITH YOUR MONEY AND TO BE INTESTINAL – INTENTIONAL. SETTING UP A BUDGET — A BUDGET WILL HELP YOU. YOU CAN LIST EVERYTHING YOU WILL SPEND, WHETHER IT’S GIFTS. WHATEVER IT IS, YOU TAKE A BUDGET AND SAY HERE’S THE ITEMS AND HERE’S THE AMOUNT IN DOLLARS I WANT TO SPEND AND WHAT YOU HAVE FOR THE SPIRIT OF CHRISTMAS – MINUS THE BUDGET SHOULD EQUAL ZERO. CHRISTINA: STICK TO THAT BUDGET. YOU TEND TO BE POSITIVE ABOUT IT AND SAY YOU HAVE A BUDGET, BUT IT’S LIKE I CAN SPEND MORE. JASON: YOU SEE THIS SALES EMAIL. CHRISTINA: LET’S TALK ABOUT THE STATE OF PERSONAL FINANCES. A STUDY HAS REVEALED 40% OF AMERICANS HAVE HAD AN ANXIETY ATTACK DUE TO FINANCIAL STRESS. ARE YOU TALKING ABOUT ANY WAYS TO MANAGE ANXIETY AND IMPROVE OUR MENTAL HEALTH? >> I FELL INTO THE TRAP. I HAVE TWO YOUNG CHILDREN WHO ARE LOOKING UNDER THE CHRISTMAS TREE AND JUDGING THE NUMBER OF PARENTS – AND WHAT A TERRIBLE DASHBOARD FOR MY RELATIONSHIP WITH THE CHILDREN. MONEY MAKES US ANXIOUS. FIVE – OH MONEY SOMEBODY, MY BODY KNOWS I’M NOT SAFE AND WHEN I AM ANXIOUS I WILL BE VERY INTENTIONAL TO CREATE A HOLIDAY I WILL HAVE – AND MY WIFE WANTS TO HAVE AND WE WILL PUT IT INTO PLACE AND HAVE TOUGH CONVERSATIONS WITH OUR LOVED ONES AND EACH OTHER AND WE WILL CREATE A HOLIDAY SEASON THAT WILL LIKELY INCLUDE FEWER SHOPPING. IT WILL BE MUCH MORE RELAXING AND PEACEFUL. JASON: YOU PUT – IN FRONT OF SOMETHING ABOUT THE COMPARISON GAME. DR., YOU SAID – YOU THINK HOW I WAS A GOOD PARENT WHEN THE GIFTS ARE UNDER THE TREE, BUT THERE ARE SO MANY PEOPLE COMPARABLE TO OTHERS. HOW TO AVOID GETTING RID OF THIS? >> ON INSTAGRAM, PEOPLE WILL POST THEIR EFFORTS — THEIR GIFTS. IT HAS BECOME OUT OF CONTROL AND WHAT YOU NEED TO DO. INSERT THE EYELETS. FOCUS ON YOU AND YOUR FAMILY AND WE START THE COMPARISON GAME, IT TELLS YOU THAT – YOUR OWN INSECURITIES. IT IS NEVER A PROBLEM OF MONEY. THERE ARE THINGS UNDER THE SURFACE AND WHEN YOU SPOT IT, YOU CAN HAVE CONTROL. YOU CAN SAY I FEEL LIKE EVERYBODY IS ON A GREAT JOURNEY AND I NEED TO PICK UP — FOLLOW. IT FOCUS ON YOUR FAMILY GOALS. IT IS IMPORTANT. IT’S HARD TO DO BUT IT’S A GOOD PRACTICE TO START THIS YEAR. JASON: Alright. CHRISTINA: DR., WE HAVE ONCE AGAIN FOR THE QUESTION. THE HOLIDAYS CAN BE A DIFFICULT TIME OF YEAR FOR THOSE WHO ARE IN PAIN OR ALONE. FIVE DAYS BEFORE CHRISTMAS WE LOST MY SISTER SO LET’S TALK ABOUT THOSE WHO ARE NOT LOOKING FORWARD TO THE HOLIDAYS AND TRY TO FIND A WAY TO OVERCOME THIS SORROW AND ALWAYS FIND JOY. >> HOLIDAYS TEND TO BE EITHER OR. THESE ARE MAGICAL TIMES AND TIMES OF GREAT LOSS WHEN WE ARE SITTING AT THE TABLE AND SOMEONE SHOULD BE SITTING IN THE SEAT AND NOT THERE. A GREAT WAY TO START THE GRIEVING PROCESS, YOU CAN AVOID IT. THE – THE GREATEST GIFT YOU CAN GIVE YOURSELF IS TO GO TO THE MIDDLE AND A GREAT PRACTICE IS TO WRITE A LETTER TO THAT PERSON, TELL THEM HOW MUCH YOU MISS THEM AND IF YOU ARE BOLD, GATHER A GROUP OF FRIENDS AND FAMILY AND READ YOUR LETTERS ALOUD AND IT WILL BE SAD AND A MORNING TIME BUT IT IS A GREAT TIME OF CONNECTING AND HEALING. JASON: IT’S GOOD. WE ARE D. — DEEP HERE.

How to deal with the financial worries of the holidays

Personal finance expert Rachel Cruze and mental health expert Dr. John Delony explain how not to feel guilty about spending less money on gifts this holiday season.

Updated: 10:39 a.m. EST November 29, 2022