The holiday season is a time for friends, family, togetherness and fun. It's easy to get carried away when stocking up for the holidays from gifts, to food, to party favors and decorations, there are a seemingly endless array of ways to spend money in the name of the holiday season. In fact, the holiday season is the peak time of year for debt accumulation. While everyone wants to enjoy themselves during the holidays, and to show their loved ones how much they care, overspending is not the only (or even the best) way to accomplish these goals. Instead of building up outrageous debt, plan ahead and discipline yourself, in order to get through the holiday season on a reasonable budget.

One of the largest areas of overspending during the holidays is, of course, on gifts. The number one reason many people find themselves in debt after the holidays is not necessarily because they make purchases they can't afford, but because they make all their purchases at once. Instead of consolidating your shopping to the overly-hectic holiday season, plan ahead and start accumulating gifts throughout the year.

The end of summer and back to school seasons are great for sales, and you'll likely find better deals for a lot of the items on your list. Similarly, though more long-term, hitting after-Christmas sales is an extremely cost-effective way to get great gifts without breaking the bank. Another option for gifts, particularly video games and other high-priced items, is to check out online auction sites like e-Bay. But buyer beware: always read the full item description carefully, and don't be afraid to ask the seller questions about the items condition. Return policies vary from seller to seller, but they are obligated to give you honest, accurate information before you buy.

Another big area of overspending during the holiday season is on decorations and general ambiance a tree, ornaments, candles, lights, displays, table runners, tree skirts you name it and you can find it in a Christmas theme (and often at a significant mark up). The best way to avoid the temptation of going out and buying new decor every year, is to establish a sentimental value for these kinds of items. Have your children use finger paint to make the tree skirt, work together as a family to make everyone's stockings, and save all the ornaments you've accumulated over the years. By creating and holding on to decorations that mean something special to your family, you'll create your own tradition, and save big on buying new items that don't mean anything to you.

And when you do need to pick up new decor items, take advantage of the deeply discounted post-holiday sales. Not only are these great resources for decor items, they're also ideal for stocking up on other holiday necessities like wrapping paper, greeting cards, bows, ribbons, stockings, and most any other holiday-themed item you can imagine. And best of all, you'll find them at clearance prices. With a little planning, creativity, and resourcefulness, you can have your fruit cake and eat it, too.