Monday, Jul 4, 2022

Be mindful of impulse holiday spending

Hope & Harmony HeadlinesDecember 16, 2021 • Volume 14, Issue 49With less than two weeks before Christmas, time is ticking to grab last-minute gifts..

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Hope & Harmony Headlines
December 16, 2021 • Volume 14, Issue 49

With less than two weeks before Christmas, time is ticking to grab last-minute gifts and decorations.

We need to brace ourselves for this last financial push—a leading source of stress that can overwhelm our lives and upend our mental health.

Especially given that shoppers are expected to spend more or significantly more money this holiday season—while prices are projected to be higher due to stockout and delivery issues, according to the 2021 Deloitte holiday retail survey. The annual survey monitors consumer behaviors and trends.

Without a doubt, this is the most emotionally charged time of the year, which means a dangerous time to have a credit card in hand. We get caught up in the excitement: The too-good-to-be-true sales appear overly appealing, or maybe we “comfort spend” to ease the stressfulness of the season.

Impulsivity—the rapid, unplanned urge to get something in the moment—can go to a different level and be much more costly during the holidays. With heightened emotional moods, it’s tempting to spend with little thought to the debt that will follow—debt that can easily bring with it lots of worry, regret, and despair.

“One of the hallmarks of the [up] condition is overconfidence,” says psychiatrist Frank Mark Mondimore, MD. “People can do foolish things financially and take risks they may not otherwise take.”

It can also be particularly difficult to rein in our excessive generosity when shopping for others. The impulse to make those we care about happy with gifts can be overwhelming.

bpHope blogger Dave Mowry recalls a holiday when his mind was racing. His depression and stress eventually led to a full-blown manic episode in which he surprised his family by decorating their Christmas tree with $10,000 in cash.

“We still had the money,” he says. “But it still cost me: It cost me my standing with my family. It cost me guilt, embarrassment, and shame that would haunt me, from time to time, for decades.” Read “Mania and My $10,000 Christmas Tree” >>

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By: Robin L. Flanigan
Title: Being Mindful of Impulsive Holiday Spending
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Published Date: Mon, 29 Nov 2021 15:31:29 +0000