CHRISTMAS is invariably an expensive time of year…

And when the festivities are about to take place in the midst of the current economic headwinds, then the expense is always likely to be felt more acutely.

According to recent PayPal research, 58% of Britons are concerned about the cost of living problem, and 44% are concerned about financial strain over the holiday season.

However, 75% confess that, while they may face economic pressures this year, they will be too ashamed to ask for assistance in dividing the expense of celebrations, particularly with family members.

My message is simple: it's normal if you're feeling the strain this year.

The worst thing you can do is not ask for help if you need it, or not express that you want to cut back this year.

Continuing regardless of your financial situation might make your situation even worse.

Reaching out and being open, honest, and forthright, on the other hand, may make a significant impact in both your financial and emotional health.

Thankfully, many individuals are doing the right thing and seeking out the appropriate aid and support. 

For example, according to a Money and Pensions Service research, more than 11 million individuals in the UK have requested financial assistance in the last three months because of the growing cost of living.  

In accordance with the study, a quarter of these consumers contacted their bank or energy supplier to request more assistance, and one in every five looked for free debt counselling. 

It's heartening to see how many individuals are taking charge of their money and looking for help.

However, it is equally crucial to conduct money dialogues with your loved ones, if required. 

Unfortunately, many individuals believe it is not feasible, partially because they do not want to worry their loved ones and are aware that they, too, may be struggling this Christmas.

However, according to the PayPal poll, social discomfort appears to be a significant issue as well.  

For example, nearly one-fifth said they didn't know how to bring up the subject of sharing the financial burden, and a comparable number stated they felt embarrassed and humiliated to bring it up.

It is nothing to be embarrassed about if you are unable to go all out when it comes to purchasing Christmas presents, making holiday vacation arrangements and hosting visitors.

Given that so many of us are suffering the effects of rising inflation right now, your loved ones may appreciate your candour as they deal with pressures and concerns. 

You should always live within your means, and while Christmas is a costly time of year, you should not feel pressed to spend more than you can afford.

Please contact the team at Future Life Wealth Management if you have any questions regarding managing your money in the present economic situation or staying on track to meet your financial objectives.