Last-minute holiday budget blowers that are driven by anxiety, not generosity

You’re done your shopping. You were smart about it. Yet for some reason you have that nagging feeling you’ve forgotten someone, something.

Back online you go for just a few “backup” gifts. You hop in the car and blaze your way to the liquor store for a few more bottles of wine — those are always good to have on hand, right?

You go to the grocery store one last time and queue in a line that’s a million times longer than usual, hoping this will be it.

Then Dec. 24 hits and, rather than enjoying the festivities of the day, you’re still worried about your efforts being good enough, about you being good enough.

Here are a few financial blunders that happen over the holidays that are driven largely by anxiety. The amazing thing is that, once we recognize these financial missteps are really about anxiety rearing its head, we can avoid most of them.

Overbuying at the last minute

You may have started with a list, which is a pro money move and key to staying on track with your holiday budget, but somewhere along the way you stopped following it. You may have been triggered by social media or something someone in your family said, and now you’re overbuying at the last minute. The experience feels “blurry.”

Stop this blunder in its tracks by bringing awareness to what’s happening, and taking action on the things that trigger you. When the urge to last-minute shop arises, replace the temptation with something that’s good for you; a walk, a coffee, a yoga class, a fun and free holiday activity like skating. Then, make a conscious effort to avoid stepping foot in physical retail locations. Turn off your computer and put down your phone early in the evening so you’re not tempted to shop late at night. Put a sticky note on your bathroom mirror that affirms you’ve already got what you need for the holidays.

Shopping when you’re hungry, angry, not feeling well, or just physically uncomfortable

Did you know you’re more likely to overspend when you’re upset or uncomfortable? It’s in those moments of emotional or physical discomfort that we are more likely to turn to retail therapy to feel better. Unfortunately, we never truly end up feeling better; rather, we can feel much worse — anxious and overspent — literally and figuratively.

Whether you’re nearing completion of your shopping list or just beginning, take a pulse on how you’re feeling before you hit the shops. Quite literally ask yourself, “Am I feeling strong today?” If the answer is yes, go ahead with your shopping. Your chances of being more mindful of the costs, who you’re buying for and why are significantly higher than if you’re not feeling great; in which case you’ll benefit by holding off until you feel stronger.

Not looking at the checkout value and the total costs of the holidays

Do you have that, “I don’t want to look” thing happening? If you’ve found yourself moving really quickly through the checkout process and ignoring the total cost, or avoiding your online banking portal, it’s going to be pretty much impossible to know how much you’ve spent to date, if you’re on track with your holiday budget goal, and if you’ve taken care of everything and everyone on your list.

Though you might think that the list-keeping and tallying you’re doing in your head will work, data shows our brains tend to be unreliable when it comes to keeping track. Spreadsheets, pen-to-paper tallies and budgeting apps are terrific ways to keep your spending summary up to date. Another nifty fact is that people who keep close track of their holiday spending are more motivated to seek out better value for their money (coupons, sales, deals, etc.) and they experience way less stress because knowing what’s happening dollars and cents wise is way better than not knowing.

Having a plan for your finances in 2023, and hope that a better year is ahead, is possibly the very best way to overcome the last-minute holiday frenzy, and avoid costly blunders. So, as we wrap up this year, think about what you want to accomplish next year with your money, and believe that better times are ahead.

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.