Postmedia News – Financial Post

If last Christmas got way too expensive way too fast for you, here are some tips on cutting back from Scott Hannah, president and CEO of the Credit Counselling Society, a non-profit organization.

Talk to your family and friends to let them know what you can afford to spend this year. The truth is no one wants to see their family or friends struggle financially or receive a gift purchased on credit.

You may be surprised to learn that many of your friends and family also want to cut back on their spending.

Use a spending calendar to nail down your holiday budget. Simply take a blank calendar and fill it in with what you can afford to spend and when you will spend it.

There’s a lot to consider: gifts, decorations, festivities, travel, babysitters, office party expenses to name a few. As you fill in your calendar, decide if it is something you want to spend money on this year or not.

By considering everything you want to spend money on over the holidays ahead of time you are able to plan what you can afford to spend and when you’ll have the money to do it.

Here are some other suggestions to get you started:

• Let your fingers do the walking online to find that perfect gift for someone at a fraction of the retail cost. Many online stores will ship for free once the value is above a certain dollar amount.

• Check out the Facebook pages of the stores you tend to shop at for money-saving coupons and other great deals.

• Finalize your holiday meal plan early and stock up on the items you need when they are on sale.

• Redeem loyalty-card points for gift cards and items on your holiday gift list.

• Choose off-peak times to do your shopping. Eat first, bring a bottle of water and don’t go if you’re tired or feeling stressed.

• The holiday season is full of low-cost/no-cost activities and events. Make time in your calendar to relax with family and friends and take in the magic of the season. It’ll put a smile on your face and won’t break your budget.

By being careful and planning ahead, you’ll avoid a January debt hangover and can get back to your saving plan sooner.