Managing Financial Stress During the Holiday Season

The holiday season can be a time of celebration and making memories with our loved ones. It can also put us under significant financial pressure, which can lead to an increase in gambling harm.

In this blog post, we’ll share healthy ways to manage stress about money and why gambling is not the solution this holiday season.

Financial pressures and gambling

During the holidays, financial pressure can come from the expectations of gift-giving, family and social activities, travel expenses, and wanting to create memorable experiences with loved ones.

In a survey, Australians cited being worried about covering costs for groceries, petrol, and energy bills over the holiday season.

When you’re stressed about money, it can be tempting to gamble. Aussie men who gamble are twice as likely to engage in harmful gambling when they’ve been experiencing financial stress.

However, gambling should never be used as a solution to financial problems because the chances are, you’re going to lose.

Setting a budget for holiday expenses

Last year, a survey showed that 45% of Queenslanders said they’d struggle to cover expenses over the holiday season.

Creating a budget is a smart step to get through the festive season without blowing the bank.

Here are some tips to set a budget for the holiday season:

1. Assess your finances, including your income, savings, cost of living, and any financial obligations or debt.
2. Prioritise essential spending, including rent/mortgage, bills, food, groceries, and medication.
3. Identify holiday expenses, such as gifts, food, travel, activities, and decorations.
4. Be open and honest with your loved ones about your holiday budget.
5. Set a realistic spending limit.
6. Look for cost-saving opportunities.
7. Shop early and avoid last-minute purchases.
8. Keep track of your spending.

Sticking to a budget can help you have a financially friendly holiday season.

Exploring budget-friendly ways to spend the holidays

Some budget-friendly ways to spend the holidays include:

• DIY decorating
• Volunteering your time
• Organising a potluck dinner
• Attending free, local holiday events, such as Christmas parades
• Finding budget-friendly or free school holiday activities for your children.

Seeking help and support

If gambling is taking its toll on your life, free and confidential support is available.

Gambling Help Queensland offers free, confidential, 24/7 support and advice from trained gambling help counsellors. We assist individuals who are impacted by their own gambling harm or by someone else’s gambling.

You can speak to a counsellor or book a face-to-face session by calling the 24/7 helpline at 1800 858 858.