The CCCS also suggests that it's OK to go slightly into debt. That means, your total holiday shopping budget could reach 2 percent of your gross annual income. If you already have credit-card debt or if you do not already have a retirement saving plan, then your holiday budget should be only 1 percent of your gross annual income. The CCCS also suggests that the best gifts need not be the most expensive. Another idea is to pool resources to buy larger gifts.
Kids can also chip in for their parents' gift.
The more time you have, the easier it will be to find deals and the proper gift. Keep a running total of your spending. One tip is to keep your credit-card slips in your wallet, and when your wallet won't close, you've probably spent too much. Or keep a piece of paper with your running total on it. Don't carry all of your credit cards with you.