Disclaimer: This Inside South Florida segment is sponsored by Beyond Finance. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
With the holidays approaching, financial strain is top of mind for many families. Dr. Erica Rasure joined Inside South Florida to break down why so many overspend this time of year, and what we can do to protect both our wallets and our well-being.
According to new survey data, 65% of Americans don’t know how much is financially safe to spend during the holidays. Emotional pressure drives much of the overspending, whether it’s trying to create joy for loved ones, keep up with family traditions, or avoid disappointing anyone. Dr. Rasure notes that more than half of Americans have already spent an average of $250 on gifts purchased purely out of obligation, a pattern she refers to as “guilt giving.”
Social media doesn’t help. Nearly one in five people admit to buying something solely to post it online, while 22% have regretted purchases inspired by trends. The desire to present a “perfect holiday” online fuels comparison culture and leads many to shop for the image rather than the experience.
To avoid holiday debt, Dr. Rasure recommends a few simple but powerful steps. First, have transparent conversations with loved ones before the shopping starts by setting expectations early, which can reduce financial pressure. Next, pause before making any purchase to check whether it’s driven by emotion or comparison. And finally, permit yourself to say no to group gifts, expensive outings, or traditions that push you beyond your limits. Protecting your budget, she says, is a form of financial self-care.
For helpful tools, guides, and Beyond Finance’s free holiday spending tip sheet, visit beyondfinance.com.
