Finances are a stressor for many people. The fear of uncertainty and hopelessness from not having enough money to pay your bills or save for the future can bring symptoms of anxiety and depression. And during the holiday season, it seems like we’re always opening up our wallets for another gift, another decoration, another family activity.

Holiday spending can also be a challenge for many people. You might feel pressured to spend a certain amount on gifts for your loved ones, as approximately 71% of U.S. holiday budgets go toward gifts. Perhaps you have to buy expensive plane tickets to see your family in another state. In a 2023 survey, people had an average holiday travel budget of $2,005. 

If you’re experiencing mental distress during the holidays, it’s possible that your holiday spending is a contributing factor. We’re here to let you know of a few indicators to be on the lookout for so that you know when it’s time to reevaluate your priorities and boundaries.

Here are four red flags that your holiday spending is affecting your mental health:

• You’re spending more to cope with other sources of negativity.

We all give ourselves a treat every now and then, whether that be dessert after a long day or a shirt that we’ve had our eye on. You can also experience positive feelings leading up to, and after, the purchase, as “feel-good” hormones are released, such as dopamine.

Since buying something special can bring you temporary happiness, it’s possible that you’re spending money as a coping mechanism for other stressors or sources of negativity in your life (e.g., such as family drama or deadlines at work). If you feel anxiety or sadness returning shortly after spending money on a gift or decoration, your holiday spending could be a sign that you’re trying to find quick relief from the negativity.

If you relate to this red flag, it may be time to learn more effective, sustainable coping mechanisms, such as journaling or meditation.

• You feel overwhelming anxiety when you look at your bank account.

If you know that you’ve been swiping your card quite a bit more than usual, then it’s possible that you’re trying to deny the reality of your current financial situation by not looking at your bank account. For example, if you know that you already were toeing the line of your budget or struggling to make your recent credit card payment, pretending that “ignorance is bliss” won’t help—especially when it comes to your finances.

If you feel overwhelming anxiety when you look at your bank account or credit card statement, it may be time to reevaluate your next purchases to reduce those anxious thoughts.

• You feel guilty when you spend too much or too little.

Guilt is a natural emotion to experience every once in a while, and it can sometimes be a good thing, as it can help you learn from your mistakes and show empathy toward others. But feeling guilt on a regular basis can also be a sign of depression, anxiety or even trauma.

Perhaps you feel guilty about spending too much or too little during the holidays, especially when it comes to gifts. It could be a sign that you put too much stock in the opinions of others, or you have a fear of judgment. But it’s important to remember that anything you give someone should be appreciated for the thought. Their opinions are out of your control.

• You stay up late worrying about your budget.

More than 70% of American adults report money as a source of stress. Anxious thoughts could be your body’s response to that stress. A common symptom of anxiety disorders is having a difficult time falling or staying asleep. Essentially, anxiety can make it hard for you to “turn your brain off” enough to sleep. If you’re worrying about all the money you’ve been spending on the holidays, you might be kept up by thoughts of uncertainty about your bills and financial standing in the new year.

Getting seven to nine hours of sleep every night is essential for adults to help restore their mind and body for the next day. Restorative sleep plays a role in mood regulation, energy levels and concentration.

If money is a regular source of stress for you, it could be beneficial to talk to a financial adviser. However, if it’s one of many contributors to your mental health distress, consider seeking the support of a mental health professional, such as a licensed clinical therapist.

At Lightfully, we offer four levels of care that may help: 

• Residential Treatment
• Partial Hospitalization Program 
• Intensive Outpatient Program
• Virtual Services (vPHP/vIOP)

Change is possible. If you’re experiencing significant distress during and/or after the holiday season that’s affecting your quality of life, reach out to our Admissions Concierge Team. We’ll take the next steps together, toward the fullest, brightest version of you.