Christmas time is a time we all look forward to all year, and then generally regret in January. Too much food, too much to drink, too much family and too much spent.

 We cant help you with all of these, but here are 7 tips to avoid the Credit hangover!

 1.Set a budget: work out what you can afford to spend on presents and stick to it. Remember it's the thought that counts! And contrary to popular belief, saving 80% on an item you can't or shouldnt afford is not "saving money"!

2. Santa's little secret: instead of buying 1 gift for each family member or friend, organise a Secret Santa where everyone buys 1 good present for 1 member of the group. This saves everyone money and also means (hopefully!) 1 good present instead of 10 crap ones!

3. Buy from your budget : many families budget for things like clothing, personal items, holidays throughout the year and then have a budget for Christmas presents. Why not combine the two and buy your family more of the items from your other budget? Perfume, beauty treatments, clothes (socks?), gym memberships, holidays etc.

4. Dont use credit: we find that people don't view credit as their own money and therefore are much more comfortable overspending with it. Keep the credit card at home so you are not tempted to blow the budget (even if it means a few Frequesnt flyer points lost, you probably could pay for the flight with the money you'll save). This means you are not on the back foot when you start the new year's resolutions.

5. Don't buy so much food: has anyone ever gotten through the food you have for Christmas lunch? I think we still haven't gotten through it by the end of Boxing Day!

6. Shop in the sales: I know we say this every year, but maybe this is the year to give cash and a gift card to spend in the post-Christmas sales!

7. Write down your New Year's resolutions: recently I was listening to a time-management podcast and it explained the power of writing down your goals. A survey by a US magazine discovered that over 40% of people studied who wrote down their NY resolutions achieved them and only around 12% of those who didn't. What is your financial goal for 2011? Reduce debt? Start investing? Work to a budget? Write it down! 

Have a merry Christmas and a fantastic and prosperous 2011!