How to handle financial anxiety ahead of the holiday season

The holiday season can invite a lot of reasons to spend. There are flights to book, gifts to buy, special outfits for parties, extra food for visitors and the temptation of seasonal sales. To partake in the festivities, many people may end up stretching their budget — whether or not they can actually afford it.

"Even as credit card debt tops $1.14 trillion, holiday shoppers expect to spend, on average, $1,778, up 8% compared to last year," said CNBC, citing Deloitte's holiday retail survey. These spending plans are in place even though an estimated "28% of holiday shoppers still have not paid off the gifts they purchased for their loved ones last year," according to another holiday spending report by NerdWallet.

While you may feel tempted to focus on the merriment for now and worry about your finances later, the reality is that "with interest rates near an all-time high, leaning on credit cards, or even buy now, pay later, to purchase gifts will come at a high cost if there are missed or late payments," said CNBC. Not to mention adding on to an already-existing debt load, or spending what you know is beyond your budget, can cause a whole lot of financial anxiety. Here are four tips to keep your financial fears from taking over this holiday season.

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1. Identify your triggers

If you find yourself frequently plagued by financial anxiety, a good first step is to figure out what is driving it.

“Identify the circumstances and triggers that lead to unhealthy spending,” said Naomi Angoff Chedd, a licensed mental health counselor and the director of counselor support services at Counslr, to U.S. News & World Report. "Do you order things that you want — but may not need — online? Do you buy on impulse when you're in the checkout line?"

Sometimes, financial anxiety can also come from a deeper place. For instance, "some common" triggers include a "lack of personal finance education or your childhood beliefs about money," said CNBC Select. Working through these issues and taking steps to address them — for instance, by talking to a therapist or increasing your financial know-how — can help you develop a better relationship with money.

2. Have a plan

Coming up with a "spending and saving plan" can give you a "better handle on your money management, ultimately leading to less stress and peace of mind," said Bankrate.

"Financial stress typically occurs when we feel scared or unprepared," Julie Guntrip, the head of financial literacy at Jenius Bank, said to Bankrate. But "'making progress toward a goal can help to create feelings of empowerment, confidence and control, [which are] feelings that potentially counter the negative symptoms of financial anxiety."

3. Keep track and check in

Making a plan of action is just one part of achieving greater financial peace. It can be helpful to "track your progress," such as "setting monthly goals and possibly rewarding yourself for reaching set milestones," said Bankrate. Often, "seeing the results of your efforts helps alleviate stress as you increase your savings or lower your amount of debt."

It is also a good idea to get other members of the household on board. "If you have a spouse, partner or teenagers, looping them into the financial picture could help combat your stress — and keep everyone from blowing up your budget," said U.S. News & World Report.

4. Address any missteps that occur

While it may feel tempting to throw in the towel when you make a mistake — whether that is buying something you know you do not really need or blowing past your budget for gifts — it is important not to look the other way. But equally important is to avoid going overboard on feeling bad about it.

In the face of a financial misstep, "the first step is to not beat yourself up," Corbin Blackwell, a certified financial planner at Betterment, said to CNBC Select. "Don't dwell on the past because being mad about how much you spent on your credit card last month, for example, won't get you out of debt any faster."

With a clear head, you can better figure out how to move forward, whether that lies in cutting back elsewhere, investigating debt management solutions or seeking help.