The holidays may always seem like a great time of year, filled with fun and family, but the truth for many is far from that. Financial stress is a common reality for many Americans during the holiday season.
Gift buying, entertaining and traveling can be equally as stress-inducing as enjoyable. In fact, 51 percent of Americans admitted to feeling pressure to spend more money during the holidays than they feel comfortable with, according to a survey conducted by Bankrate, a company that specializes in personal finances.
Families who have financial struggles on a year-round basis are at a huge disadvantage. The feeling of being expected to entertain family and friends “in style” is quite common. In addition, parents don’t want to let their kids down when it comes to gift buying. These expectations are leading causes to spending more than originally intended.
“There is more pressure to do things for others and feel an obligation to their family to provide for them. When a budget is already tight and there is an expectation to provide more, this adds stress to the family”. Olentangy Local Schools Social Worker Dan Murph said.
Beside money, being away from family and friends also causes stress due to social expectations. On top of financial issues, this can cause the holidays to feel more of a nuisance than a relish.
Coping with financial stress can be a tricky expedition. The truth is, there are many coping methods and available resources that aren’t taken advantage of. “Families can reach out for assistant through various organizations. These can be accessed by contacting helpline (211)” Murph said.
Helpline is a resource that helps those who may be struggling with not just economic challenges, but with many other problems that may cause suffering. Helpline serves seven local Ohio counties, and provides assistant via messaging or calling.
In addition to the extra costs the holidays cause, 72 percent of Americans reported feeling stressed about money at least some of the time during the past month. This is according to a survey conducted by Harris Poll, which is a market research company.
Besides Helpline, another source of help can be found at many local food pantries and churches. These establishments can help ease the financial burden that the holidays cause by providing necessities such as food, basic household items, and even hot meals.
“One of the biggest effects financial problems can have on a family is putting money on credit cards, with interest racking up debt.” family consumer science teacher Alli Cochran said, who teaches Service Learning.
There are many things that can substitute the need to spend money for the holidays. “Making gifts and doing experiences as a family can possibly receive financial stress” Cochran said.
Take advantage of local charities, salvation army, and online sales to save money.” Human relationships teacher Cindy Reynolds said.
The holidays can place some serious pressure on many families struggling financially, but with the many resources available, there are solutions to help ease the stress that this wonderful time of the year can bring.
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