There are tons of reasons why people tend to overspend during the holidays – from just being generally overwhelmed to falling into a “devil may care” attitude. Those emotional triggers can be amplified when you add divorce into the mix.
How do you fight the urge to go overboard with your shopping this holiday season when a little “retail therapy” can seem particularly tempting amid the emotional upheaval of your divorce? Here are some tips.
Set a budget
This is particularly important if you have kids and you’re feeling guilty about the breakup in their home life over your divorce, but even if you don’t have minor children involved, you can still benefit from a budget. Decide in advance how much of your funds can be allocated to holiday celebrations and keep that figure in mind.
Use cash
You do not want to add to your debt when you’re going through a divorce, so put those credit cards away. Take cash out of your bank account (maybe a specific percentage of your paycheck) so that you can visualize how much you’re actually spending – and what you have left at any particular point.
Divide things up
It’s important to be realistic about your expectations for the season. If you’re too strict with yourself, you’re more likely to resent your self-imposed limitations and resort to credit cards despite your good intentions. Divide your money between gifts, experiences (like holiday meals or dinner and drinks with your friends) and purchases for yourself (if you know the temptation to indulge will be there) before you start spending so that you don’t feel deprived.
Finally, make it a point to reassess your financial situation either weekly or bi-weekly to make sure that you’re still on track (or make necessary adjustments). Be kind to yourself if you’ve made a few financial mistakes – but don’t keep repeating them. Otherwise, you can end up setting yourself up for a difficult post-divorce financial situation once the season is over.