101 Ways to stretch your holiday dollars

The Ghost of Lavish Christmas Past is calling your name, but you know from painful past Januaries that the mantra of "spend now, pay later" is bad for your budget. Especially when food costs have gone up, 401(k)s have gone down and jobs are uncertain.

You might be tempted to carry on with the same meals, gift-giving, parties, decorating and so on, even if it means a lot of bills to pay later. But if you do, you are sabotaging future goals, such as becoming debt-free or saving for retirement or your children's college fund, said Marilyn Albertson, a home economist who teaches money management at Salt Lake County's Utah State University Extension.

"We'd like to avoid the issue, but now's the time to be realistic about your circumstances," said Albertson. "Ask yourself, 'If I buy this now, what will I have to give up? Will I be able to put food on the table or pay my mortgage next month?"'

In a recent survey of holiday shoppers by retailer Lands' End, 46 percent said they are trimming their holiday budgets this year, but another 53 percent said they will go over budget when buying gifts.

"Most people are way off on all their holiday expenditures," said Teresa Hunsaker with USU Extension. "They forget about gift boxes, the tags and papers, let alone all the travel to stores for shopping. It's no wonder people are so bedraggled by the first of the year with expenses, because it has really added up in all the categories that we didn't give it credit for."

So consider what you want to accomplish in the events and rituals of the season. Is it family memories? Re-connecting with friends? Feelings of love or giving? Feeling more spirituality or peace with the world around you?

"Think about how you can get the same effect, or have a similar experience, but less expensively," said Albertson.

For instance, if your family usually attends an expensive Christmas concert each year, consider going to a cheaper concert or one that's free. If one of your traditions is a restaurant meal, you could find a cheaper restaurant, pick up a ready-prepared meal to take home, or home-cook the meal you would have had at the restaurant.

Sometimes less can be more in terms of meaning.