Nov. 5, 2008

U.S. News & World Report

How to Handle Holiday Hard Times at Work

The holidays are the ultimate test of balancing both work-life and checkbook, especially this year.

When profits and sales are down, employers may slice and dice bonuses, even for strong performers. Experts say to keep some perspective. “These are unprecedented times, with the stock market crashing, home values plummeting, credit card problems escalating, and people fearful of losing their jobs,” says Richard Chaifetz, chairman and chief executive officer of ComPsych, an employee assistance program provider.

“Personal spending is also going to be down because people just don’t have the money,” he says. “It’s a natural inclination when the holidays come to go shopping and celebrate, and that’s going to be significantly muted.” So what are the options? The most important thing is to craft a budget before the holidays begin and spend accordingly, Chaifetz says.