While consumers should use cash for all holiday purchases, he offers suggestions to those who must charge. Waddell suggests clipping half-size index cards to the back of each credit card and keep a running total on how much you spend on each card. If people do that and look at how much they are spending, in many cases the person won't charge what they don't have to. Another tip is to shop only with a list which sets spending amounts for each person and don't shop without it. And, just like Santa, check that list twice to see if you can afford what you are spending.
Visualization is also important.
If you are already in debt, give gifts that you can make yourself or give your time to others, Waddell suggests. Also, you can give a homemade food item, whether it's baked-goods for the holidays or frozen dinners people can use later in the year.