Combine online sales and coupons. Sure, you can get great gift deals online. But don’t stop there. Be sure you get the free shipping and any other savings combo available, suggests Kay. Check sites like dealhunting.com, nextag.com and mysimon.com. After you compare prices, also search for coupon codes for free shipping, discounts and free gifts.

Cut down on recipients. Instead of giving gifts to all 20 siblings, nieces and nephews, draw names. Each family member gets and gives one gift. You’ll spend less, and you’ll have time to buy a more thoughtful gift.

Try a secondhand theme. If your family will agree, exchange gifts that aren’t new, suggests Hunt. Creative items can come from garage sales, secondhand shops or even your own basement.

Focus your decor. You don’t need lights and Christmas wreaths in every room. Save money by concentrating on high-traffic areas of your house. Examples: a festive wreath on your door and a bowl filled with extra holiday ornaments on your entryway table.

Don’t treat yourself. It’s tempting to pick up sale items or gadgets when you’re gift shopping for others, but don’t. Keep a list of your "wants" and buy them after the holidays, when they’re even cheaper.

Food shop competitively. Comparing prices for specialty holiday food is just as crucial as comparing gift costs. Also, consider getting party foods like cheese and meat at your local warehouse club; the quality is usually quite good, says Sharon Maasdam, a retired Oregon home economist and food writer.

And next year... make the holidays a monthly expense. Total up what you spent on the holidays this year -- or what you can afford next year. Divide by 12. Voilà: "That’s what you need to save every month to be able to pay for the holidays without going into debt," says Plate. Have this amount automatically transferred into a separate savings account every month. When December rolls around, you’ll thank yourself merrily!