The festive season lights up our hearts and homes, but for many, it also leaves a shadow of financial stress. The excitement of gift shopping, big meals, and hosting family often leads to spending beyond what we can afford. When January arrives, so does the regret and anxiety of unpaid bills.
Some are forced to take on loans just to get by, and the stress doesn’t stop there. The emotional weight of financial struggles can cast a long shadow over what should have been a season of happiness.
Tackling festive overspending
Nontuthuzelo Chabeni from Graceland, Cape Town, recalls how she used to get caught up in the festive excitement, spending every penny she had. However, the regret and mental strain that followed made her change her approach.
“I learnt the hard way. It was even more stressful when I’d check my bank statement and couldn’t remember why I bought certain things.”
Nontuthuzelo Chabeni
Despite being more mindful, she admits that overspending still happens. “Sometimes we end up doing more than planned, and my spouse often spends beyond our budget,” she adds.
Chabeni says their stokvel has been a great help, covering groceries, back-to-school essentials, and retail stamps for necessities. She also mentions that attending church on Christmas Day reduces expenses, as it means less time spent going out or hosting large feasts.
Staying grounded during the festive season
Pulane Mlangeni from Phuthaditjhaba in the Free State grew up in a family that was very mindful of finances.
She recalls her maternal grandfather always saying, “Respect money”, and her father reminded her that “money doesn’t grow on trees”.
Mlangeni believes the festive season often encourages reckless spending, particularly for those who don’t budget.
“People lose their heads and spend carelessly,” she says. “Today, after church, I noticed in just one street, people were already having braais. The air is filled with that festive vibe.
“My friends think I’m stingy, but it doesn’t matter. I don’t cry broke.”
Pulane Mlangeni
She says she doesn’t stress over the festive season in the way many do, worrying about what to cook or where to go. To her, it’s just like any other month.
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Managing financial stress
Luyanda Melela, a clinical psychologist based in KwaZulu-Natal, says during this time of year, financial anxiety tends to increase, and it’s important to carefully consider financial decisions.
“The key is never to make emotional decisions, whether you’re excited, angry, or confused,” she explains.
She says some people experience financial anxiety because they want to fit in, or they feel like they’re not doing enough compared to other family members or siblings.
“This kind of competition can take a mental toll, as people often make emotional decisions in the process,” Melela adds.
“Don’t do things just because you can; do things because you planned for them.”
Luyanda Memela
Melela also highlights that it’s okay to be upfront about your financial situation so that those around you understand where you stand, rather than facing the mental toll of financial anxiety.
For some, the temptation to spend what little they have on gambling in hopes of a big win can lead to further mental health challenges.
“Seeking professional help is vital to understand why you make certain financial decisions and to explore why you may feel compelled to spend beyond your means,” Melela says.
She says that psychologists and counsellors are there to support in these situations.
Planning ahead
Anathi Lwabi, an accountant based in Tshwane, recommends that before the festive season kicks in, it’s wise to create a list of essentials, including food, alcohol, gifts, Christmas clothes, and school supplies for January.
“I always factor in January’s needs because, after the December salary, there won’t be another paycheck until January’s end.”
Lwabi suggests a smart budgeting move is to visit your bank before the festivities and set aside some of your December earnings in a 32-day notice account.
“This type of account works by locking your money away for 32 days, earning interest, and ensuring a guaranteed withdrawal after that time,” he says.
He also notes that it is common for people to approach you for loans.
“Be upfront about your tight budget. Only lend money to those you trust and are certain can repay you by the agreed date.”
Lwabi adds that if you don’t have a budget and are feeling financially strained, it’s best to steer clear of social circles where reckless spending is common or where people have a lot of disposable income.
This can help avoid the pressure to take on unnecessary loans, which often leads to financial stress, he says.
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