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This week, November 24th, is the official Black Friday, and consumers are lining up at their favorite stores for great bargains as the holiday shopping season officially begins. The air is filled with excitement, joy, and an undeniable urge to splurge.
The pressure to fill shopping carts with the perfect gifts, host lavish gatherings, and create Instagram-worthy celebrations causes many to overspend and experience financial stress come January. It will be. However, there is a growing movement encouraging a more measured approach to holiday spending, one that emphasizes meaningful experiences over material excess.
In a consumer-driven society, it’s easy to succumb to the temptation of flashy advertising and attractive discounts. The pressure to meet society’s expectations tends to cause individuals and families to stretch their budgets to the limit, often resulting in debt accumulation and long-term financial consequences. But what if we shifted our focus from material abundance to the essence of the holidays: connection, gratitude, and shared experiences? After all, that’s what this season is really about.
5 ways to save money and increase your income this Black Friday
The most compelling reason to resist the temptation to overspend during the holidays is the long-term impact on your personal finances. Many people succumb to the pressure of buying expensive gifts or hosting elaborate gatherings, only to find themselves deep in debt come January.
Please remember. credit card statement Payments will be made in January and you will not be able to pay them all back. These interests can accrue retroactively for months, if not years. You will be filled with regret and blame yourself for not playing differently.
A new year is supposed to be a fresh start, but that won’t be possible if you’re still carrying the burden of all the shopping you splurged on at the end of last year.
Shocking Black Friday shopping: 35% of items have no discount.Price before Black Friday
One way to avoid this is to communicate openly with friends and loved ones. Don’t be afraid to let everyone know that you want to keep your gift exchanges casual this year. People will appreciate your honesty, and they may even feel exactly the same way. Moreover, true happiness comes from genuine connections, not from the price tag of a gift.
A new year is supposed to be a fresh start, but that won’t be possible if you’re still carrying the burden of all the shopping you splurged on at the end of last year.
Practicing mindfulness during the holidays doesn’t mean sacrificing joy and celebration. Rather, it challenges us to redefine what it means to have a truly fulfilling holiday season—one that prioritizes connection, gratitude, and appreciation. economical good choice. By setting a budget, planning ahead, and focusing on experiences rather than material possessions, you can create a holiday season that is not only financially responsible, but also spiritually enriching. Masu.
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Another important reason to rethink your overspending on Black Friday and the holidays this year is the impact on your mental health. Financial stress is associated with increased anxiety and decreased overall well-being. By setting realistic expectations and giving gifts in a more modest manner, you can reduce the burden of debt and foster a healthier mindset for yourself and your loved ones.
A customer visits a Macy’s store during the Black Friday sale on November 25, 2022 in Jersey City, New Jersey. (Kenna Betancourt/Getty Images)
Furthermore, the pursuit of happiness through material possessions is often short-lived. Research consistently shows that experiences bring more lasting joy than material things. Instead of splurging on extravagant gifts that can lose their appeal over time, consider investing in experiences that create lasting memories. Weekend getaways, cooking classes, family game nights, and more. These shared moments have the power to strengthen bonds and create a sense of fulfillment that goes beyond the temporary pleasures of material possessions.
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Finally, remember, while the temptation to overspend during the holiday season may be strong, retailers do a great job of countering it. Seduce holiday shoppers, even when money is tight. However, the benefits of adopting a more careful and financially savvy approach are even greater. By prioritizing experiences over possessions, setting realistic budgets, and making smart decisions, you can create a holiday season that resonates with your true spirit of joy, gratitude, and meaningful connections.
It’s time to shift our focus from the pressures of over-consumption of goods to enriching the experiences we share and the time we spend together. Let’s make this holiday season truly special for ourselves and those we care about.
Personal finance advocate Kim Scourer is co-author with Sharon Rector and author of “Money system for women. ”
