The holiday season is here, and many of us have already blown through the money we’ve budgeted for gifts for our friends, relatives and co-workers.

Come the first of the year, the problem won’t be spending money but paying off the debt we’ve been piling up in our jolly, holly daze.

“There are lots of reasons why people overspend during the holidays,” said Wendy Bennett, senior financial adviser and portfolio manager with Bennett Associates Wealth Management, 101 E. Diamond St., Suite 200.

“Maybe they’re trying to relive the excitement of their childhood. Maybe they’re trying to reciprocate the value of a gift given to them or they anticipate receiving from someone,” Bennett said.

“Or maybe as a parent they’re trying to fulfill the wish list of each child during the holiday season,” she added.

But red ink doesn’t always have to follow the reds and greens of Christmas.

First of all, advised Slippery Rock University business professor Abbas Noorbakhsh, start setting aside money now for Christmas 2017 so you don’t find yourself deep in debt again next year.

“Usually the best way is to create a Christmas club account to set money aside. It sets a budget for gifts and you can stay in the limits of that,” said Noorbakhsh.

“You can go to your bank or credit union and set up an account where they can do an automatic withdrawal from your paycheck,” he said.

Then, stick to only paying cash from that account for next year’s presents.

Laura Wiest, a member of the accounting faculty at Butler County Community College, said don’t go charging into stores all willy nilly.

“Start with a plan. I would start with what I know I can afford. Start with the money you know you have set aside, list the people you have to buy gifts for and figure out who gets what,” Wiest said.

Whether buying a car or a house or a pair of shoes, Noorbakhsh said, the watchword is “Buy what you can afford.”

“Liking something is not enough of a reason to buy something. Affordability is more important thing when making a buying decision.”

Bennett said, “The holidays can wreak havoc on your finances if you’re not careful, so always think before you buy. Attempting to ‘keep up with the Joneses’ is a very expensive proposition, and the more you overspend this month, the more you’ll pay the price come 2017.”

Look for more tips in the Sunday, Dec. 18th copy of the Butler Eagle.