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How to get in the holiday spirit without going into debt

For many people, getting into the holiday spirit means stringing twinkly lights everywhere, hosting parties plentiful with food and drinks, piling stacks of gifts for loved ones — and overspending.

Make a list detailing your planned holiday-related expenses. For instance, make a list of the people you are giving presents to, along with the amount you plan to spend for each person.

“It’s tempting to overspend when you are in the store, but if you have that initial list you can make sure you’re not going over the set amounts,” Palmer said.

Same goes for food and decorations. If you’re hosting a gathering, make sure you have a shopping list and compare prices before you head out.

If using a credit card won’t cause you to overspend, it could be a way to reduce your overall cost.

Some credit cards let you earn rewards, while others have cash-back deals. Still others might offer price protection, so if the price drops, you can get refunded the difference, Palmer said. Others come with warranty protection on major purchases.

Keep in mind, however, that those reasons alone are not a reason to turn to plastic if you can’t afford to pay cash.

“You only want to use a credit card if you pay your balance in full every month,” Palmer said.

After luring consumers with reduced prices and other special deals between Black Friday and Cyber Monday, prices start creeping back up as time passes and the holidays approach. If you can get yourself organized enough to take advantage of these timed deals, you can find a variety of deals — both in stores and online — that could disappear soon.

One exception to this is anything holiday-themed like decorations.

“The prices tend to go down as the holiday gets closer,” Palmer said, adding that additional discounts come once the special day has passed. “If you can plan ahead, you could purchase next year’s decorations this year when the prices drop.”

Actually sticking to a budget might be the trickiest part.

“It’s hard,” acknowledges Palmer. “It really is about writing down your budget and not letting yourself exceed it.”

“On the Money” airs on CNBC Saturdays at 5:30 a.m. ET, or check listings for air times in local markets.

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