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Holiday spending stress increases amid pandemic

Posted at 5:38 AM, Dec 09, 2020
and last updated 2020-12-09 12:15:32-05

LAS VEGAS (KTNV) — In a year filled with countless stresses, the holiday season has added more pressure to people struggling financially who have been trying to find the perfect gift for their friends and family.

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A survey of 2,000 Americans from mobile banking platform N26 found 49% of people have been feeling more anxiety with 82% saying the holidays are playing a role in it.

Financial Analyst Steve Budin with The Budin Group said there are a few different ways to relieve financial anxiety this holiday season beginning with what many could consider an awkward conversation.

"Maybe you just approach them and in a polite way tell them about your situation," he said, "and you'd be surprised. Maybe they're feeling that same stress towards you."

"That's one less person, one less gift, you have to worry about," he said.

Budin said people make a budget, plan their spending, and monitor their progress.


He said several applications exist in the market place designed to track your spending for you, and the only effort involves keeping an eye on your bank account.

Budin said people should also avoid impulse buying.

He said buying gifts for everyone could feel good in the short-term, but people will pay for it figuratively, and literally when the bills come due.

In one final piece of advice, Budin said gifts don't have to cost anything.

Many people would be happy just knowing you thought of them.