Is it a time for financial stress or joy?

2022 was a year filled with anticipation. Preceded with two additional years of uncertainty, 2022 was a year of both excitement and anxiety, and in reality stress. Excitement about being more or less back to what society deemed 'normal', but anxiety anticipating financial stress on the horizon.

Previously it was Covid-19 causing us stress, but recently it’s been the overwhelming rise in energy bills. Families have been nervously awaiting, dreading, the winter months especially given how needed the heating is, even more so, by the more vulnerable in our communities.

The heating and electricity bills are just the tip of the iceberg, inflation is seeing the cost of more and more items creep up. A not so happy combination which has led to people’s financial health taking a big hit. The negative effects of which can also drastically affect people’s mental health, mainly due to the stress and anxiety that comes with bills and the need to provide and survive.

People don’t like talking about money, simply because in general there is a stigma that it defines social worth and we, as a society, seem to believe that it is the be-all or end-all to what is important. We seem to forget that the reality is completely different, there's no proof to show that rich people are particularly happier. Yes, they are more financially secure but there are many wealthy people who are still experiencing mental health problems just the same as everybody else, regardless of what’s in their bank account.

Even though we've been conditioned to believe that having the ability to buy whatever we want, whenever we want, is desirable - it’s evidently not the key to a trouble-free life... as much as we would like it to be. To be financially healthy, all you really need is to make financially healthy decisions, it's not about how much is in your bank account.

Combating fears and our conditioning surrounding money is difficult, but budgeting is a method that is proven to work on a practical level. The problem comes when you forget or can not afford to allocate a certain amount for yourself and things you enjoy doing.

That might include going to the cinema or having a drink with friends; anything that gives you the sense of joy, that we all need, or even if it just simply lifts your mood. However, if money is especially tight this year then try to think outside of the box for something you can do that costs very little, or nothing at all, because at least that way, you’re taking control of your own mental health, which is just as important as paying the electricity bill.

Christmas is expected to be a period of festive joy and good spirits, people are usually in a good (or better) mood, children are excited and there is an overall sense of happiness in the UK for many.

Unfortunately, Christmas often comes with feelings of stress and anxiety because of the demands people feel around this time. Whether that be the financial pressures we've already touched on, the stress of buying presents that your friends and family will like or making sure your children have a fantastic Christmas. It’s important to manage and if possible, stop yourself from feeling overwhelmed during this time. Otherwise, it can negatively affect your own view of Christmas and can impact family life in general. Allocating a budget and sticking to it so you know how much you have to spend on food, presents, decorations etc. and where you can make savings can really help manage stress levels too.

As Martin Lewis says, ‘sometimes the best gift is releasing people from the obligation of having to buy for you’. He goes on to say, 'in celebrating the gift of giving, you may be buying for someone who will feel obliged to buy back a gift for you and who may not be able to afford it'. Having honest conversations with those you care about and agreeing what works for all of you is more important than ever this year and it is OK to try to manage the anxious thoughts by using solutions such as these.

Ultimately, remember to give yourself a break. This has been an incredibly hard couple of years full of stress, with Covid and all the financial problems it has created, so it's important to acknowledge you are doing the best you can and Christmas isn’t just about presents and it’s going to be okay regardless of whether or not you burn the roast potatoes 😉 Although that would be considered a tragedy in our books.