Diversity, Equity, Inclusion & Belonging: End of Year Stressors
On this week's episode of Financially Naked: Stories of the Financial Gym, hosts Rachel and Whitney share a heartfelt conversation about handling the financial and emotional pressures of the holiday season. Whitney opens up about her personal journey, reflecting on her past experiences and lessons learned, while both hosts offer tips and tricks for focusing on financial and mental health during a busy time of year.
Podcast Notes
Whitney's Story: From Financial Struggle to Stability
Whitney starts by sharing her background as an entrepreneur and the financial challenges that came with that. Even after seven years in business, she struggled to have a healthy relationship with money. She would often overspend on things she thought would fix all of her problems or be the solution to her financial anxiety.
After going through tough times and accumulating significant debt, Whitney was thinking about bankruptcy. She became a client of The Financial Gym and her Trainer also suggested bankruptcy, so she filed. That fresh start was the best decision she ever made for herself.
Since then, she has been rebuilding her financial confidence and relationship with money. Now that she has a full-time job with The Financial Gym, the consistency and stability will allow her to continue working towards her goals with even more intention and confidence.
The end of the year and holiday season are important times to reflect on your financial habits. This is a time of additional expenses and pressure to buy more than you usually would. Working at The Gym has taught Rachel a lot about financial balance and setting strong financial boundaries.
Tips for Managing Holiday Spending
Whitney enjoys managing her money through multiple bank accounts to separate income, expenses, and savings. She also tracks her spending and goals through a simple spreadsheet to track how much she can spend on things like gifts and travel.
To help minimize overspending during the holidays, Whitney and her friends have replaced gift-giving with shared experiences like going out to dinner together. Even if you can't eliminate buying gifts entirely, the smaller your gift list, the more you can reduce holiday stress and costs.
Rachel's gift-giving approach has evolved over time. Instead of buying physical gifts, she prefers creating memories by gifting experiences. This helps her stay grounded and reduce stress during the holidays.
You do not need to go into debt by giving people gifts or traveling for the holiday. Be open with your friends and family. Communicate your financial goals and boundaries. Other people in your life may have similar feelings and be excited about sharing an experience rather than exchanging gifts.
Self Care & Celebrating Financial Wins
Self-care is important during the holiday season. Whitney likes to focus on maintaining healthy habits, exercising, and being mindful. Working remotely provides flexibility and allows her to keep things low-key through the end of the year.
Rachel recently moved away from her family, so the holidays feel different. Living in a warmer climate has helped Rachel's mental health during the winter. She loves being able to spend time outside all year round.
Take a moment before the end of the year to reflect on and celebrate your financial wins! Whitney is thankful for finally getting a full-time job and the consistency of that. Rachel celebrates meaningful progress towards becoming credit card debt-free.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Team
Whitney Catalano, Marketing Coordinator