This is the loveliest time of the year—and often the priciest.

With expenses for presents, travel, decorations, and celebrations, the holiday season can put a strain on your finances. It’s crucial to manage your spending wisely to prevent unnecessary debt or drained savings. Here are some straightforward strategies to help you keep your finances in check during the holidays.

Establish a holiday budget

First and foremost, create a budget. Determine at the outset how much you’re inclined to spend on everything holiday-related, including gifts, experiences, decorations, events, and travel. When planning your budget, consider your typical daily expenses. Once your budget is set, make sure to adhere to it. Keeping track of your spending as you go can help you stick to your plan.

Create a list

You’re not alone in making a list like Santa does. Compile a list of people you want to give gifts to, as well as other holiday-related costs such as decorations and food. Having a clear list in hand will assist you in planning your purchases in advance and help you resist the temptation to buy on impulse.

Keeping a running list throughout the year in your notes app can be beneficial. If you come across something perfect for a friend or family member, jot it down along with where you found it and its price. For in-store items, note the store; for online finds, save the link for easy access later.

Start early and save consistently

For some, the thought of holiday planning before November may seem overwhelming, but starting your shopping early can be incredibly helpful. You don’t need to begin in the spring, but kicking off your holiday shopping a few months ahead, during late summer or early fall, can significantly ease your financial load.

Starting early helps distribute your expenses over time and reduces stress when the holidays approach. As the date draws nearer, you might feel rushed and anxious about your spending.

Take advantage of deals and discounts

There are numerous sales during the holiday season, so keep an eye out. You’ll have ample opportunity to snag great discounts. Knowing what you want can make it easier to track sales.

Also, consider using coupons and loyalty programs to enhance your savings while shopping. I personally enjoy using browser extensions like Rakuten and Capital One Shopping, which can help you save on online purchases.

Give the gift of experience

If material gifts aren’t your preference, think about giving experiences instead. One of the best things you can offer is your time, creating treasured memories that last a lifetime.

For children, consider contributing to their future by depositing money into a 529 college savings plan or in their custodial savings account. The funds you invest now will grow over time, making it a meaningful gift that lasts. Finally, don’t feel pressured to spend any money on gifts. If you’re crafty, consider making presents—your loved ones will still cherish them, perhaps even more so.

Conclude the season with savings

While the holiday period is meant for joy, giving, and family time, it can also lead to excessive spending. However, with a bit of forethought and self-discipline, you can steer clear of a financial hangover. For additional money-saving tips this holiday season and all year round, follow me on Instagram, where I share top financial hacks.