A new study advises spending quality time with family and children as a good way to deal with financial stress.
Martha Wadsworth, associate professor of psychology at the University of Denver (DU), insists that a family should spend more time together in order to remain happy.
She said: "I love the winter holidays because most of them are about being together with those you love and getting back to what is important in life and that's our relationship with each other.
"Psychological research has shown over and over again that what truly makes people happy is not money, not stuff, it's time with people you love."
She further suggests that building family traditions like planting trees together or donating to a local shelter, can be useful in gelling with other members of the family.
She said: "Giving of your time and your energy can be very satisfying."
Wadsworth added that parents should try and explain things to children.
She elaborated: "Children who still believe in Santa Clause don't really know price tags very well, so you that can give them lots of boxes with little things inside.
"If they're old enough to not believe in Santa, then parents can have a conversation with them about how things are going to be different this year, but they're going to be good."