If you are concerned about spending too much on gifts this holiday season, you’re not alone. According to Family Credit Counseling Service’s annual Financial Stress Survey of over 1500 consumers with credit card debt, four in 10 individuals have such concerns.

While most people associate holiday spending with gifts, that is just the beginning. “In addition to gifts, we spend money on wrapping, food, decorations, and charitable contributions. It’s amazing how quickly all of this can add up,” Michael McAuliffe, President of Family Credit Counseling Service said.

The stress of last-minute shopping may cause some to justify additional spending, but consumers need to stick to their original holiday budget. Many retailers offer special incentives to those who have not finished their Christmas shopping, so don’t be afraid to browse through the sale sections. Just remember that sales items can be budget busters too if the items are not on your list or don’t fit into your budget.

“When consumers are rational, they plan to spend less,” McAuliffe explained. “The last minute is the most dangerous time because we are rushed. Some of us may feel guilty about not spending as much as our emotions want. Or we simply have less time to put thought into a budget-conscious gift.”

To avoid regret when your January credit card statement arrives, follow these tips for reasonable holiday spending:

1. Don’t get caught up in the emotions of the season. Once you’ve determined your budget, stick to it. One thoughtful gift purchased on a budget can be better than numerous impulse buys.

2. If you use credit, choose wisely. Department stores usually charge a higher interest rate when using their credit cards than a major credit card like Visa or MasterCard would charge. Better yet, use your debit card instead. Just be sure there is enough money in your account to cover your purchases to avoid overdraft charges.

3. Avoid the temptation of payday lenders. Many may charge over 1000 percent interest!

4. Keep your receipts. Many stores offer price adjustments within 14 days of purchase. If you see the item on sale for a lower price within the specified period, be sure to ask for a refund of the difference.

5. Start a new trend. Exchange gifts with friends and family after Christmas. This will allow you to buy gifts during after-Christmas sales. Say goodbye to regrets after seeing that must-have gift for half off!

6. Buy next year’s decorations this year. You will have one less thing to purchase next year, and you’ll save 50 to 75 percent off retail prices when shopping after Christmas.

7. Shop online. Where else can you save on both money and time? Many retailers offer free shipping and a simple search on a search engine like Google will often provide coupon codes for additional savings.

Give yourself and your family peace of mind this holiday season. Avoid the Ghost of Christmas Past by confronting the Ghost of Christmas Present. tpw