The Holiday Season has officially kicked off. That means it’s time to think about money. Yep – it’s time to get serious about how much you are going to spend -- or not spend! -- this year.

We’re talking about setting a budget and sticking with it. We all need to watch our wallets this year and make sure we don’t spend more than we can afford. Here are some tips for keeping yourself on track during this season of big spending.

1. Start with how much money you have – not what you hope to have in a couple of months! Check your bank account and be realistic with yourself. You don’t want to be paying off your Holiday shopping when Halloween rolls around again next year.
2. Don’t forget to set aside money for your bills. If you have car insurance, cell phone service or anything else to cover, be sure to leave that money untouched.
3. Make a list of all the people you want to give gifts to this year. How much can you afford to spend on each person? Don’t plan to spend any more than you already determined you have.
4. Remember to save money for the extra costs like wrapping paper, cards or shipping. Or find alternatives like making your own cards.
5. Avoid using credit cards. According the American Bankers Association, most Americans take six months to pay off their Holiday credit card bills. That means you’ll be working all summer to pay for a new sweater for Grandma at more than 20% interest. She’d rather have a hug.

But the best advice for saving money this year is to make a pact with your friends that you will all help each other save money. Rather than buying gifts for all of your friends, decide on a fun outing like dinner out, a movie or a trip to have your picture taken with Santa followed by ice skating. Set an amount that you’ll each spend and stick to it.