Maintaining financial wellbeing at this time of year | People Plus

Maintaining financial wellbeing at this time of year

Christmas is fast approaching, and our usual shopping habits will most likely be affected by our need to socially distance; therefore more of us will resort to online shopping. The opportunity to shop 24/7 online can be seen as a convenient option for those of us with unsociable working patterns or never-ending commitments but it can also be a trap that we fall into. Being able to scroll through ‘deals’ at any time of day or night can lead us to making purchases that we didn’t even need.

Friday 27th and Monday 30th November are considered as ‘Black Friday’ and ‘Cyber Monday’ respectively. When it comes to these 2 days of ‘deals’ we tend to fall into 2 categories, you either love it or think it’s pointless.

Instead of losing your weekend glued to your screen scrolling for the next bargain try coming up with a plan, a budget and sticking to it. Spend some time considering what you need to buy and how much you are prepared to pay for it. Add up your list and ask yourself “Can I afford it? Do I need it?”.

39% of us find the 2 months leading up to Christmas cause us the most financial strain1. Those of us with poor financial health are 3.7 times more likely to be suffering from anxiety and 5.3 times more likely to be feeling depressed and finding it hard to carry on with daily life2.

If gift giving is important for you consider arranging a plan with friends and family to stick to low cost gifts (set a limit) or better yet gifting your experience or time; have you considered giving them an IOU for a day out?

1 The Centre for Economics and Research

2 The Employers Guide to Financial Wellbeing 2020-2021 by Salary Finance

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