Nobody wants to be the Grinch at Christmas and neither do we. We realize people like to spend money on friends and family and so they should. But sometimes overdoing it is like having that third piece of plum pudding, maybe you should stop at the first or second helping.

One-third of Canadians buy gifts they know they can’t afford and more than one-quarter finance their holiday splurges with credit cards and cashed in investments, according to a recent TD Canada Trust holiday survey. On average we spend $587 each on food, gifts and entertainment, with many Canadians spending with no plan for paying off their holiday bills.

Now is the time that people who haven’t wrapped up their Christmas gifts start going into full-scale shopping panic. We have five tips to help you avoid post-holiday bloat and keep your credit cards trim.

1. Don’t deck the halls with debt

Set a realistic spending goal and stick with it. If you’ve spent time with one of our money coaches, you’ve likely been putting away money every month for this high-spending season so you can pay cash for everything you buy. If you’re starting from scratch, don’t just throw everything on a credit card and hope you’ll win a lottery before the bills arrive in January. Spend according to what you can afford, not what you think will impress your kids, or others on your holiday gift list. And don’t forget to include entertainment, food and other holiday expenses in your tally.

2. Get a saving buddy

Enlist the help of your partner or a close friend or family member to help you step away from that credit card. Don’t write a gift wish list. Instead, adapt your gift list to your budget. Money doesn’t grow on Christmas trees so stop kidding yourself. Put thought and time into gifts. Make a photo book for grandma; give iPhone or iPad apps you know your favourite geek will love; offer services, like babysitting or a special dinner you cook.

3. Talk

Money can be that elephant in the room, not just in marriages and partnerships but among family members. Don’t be afraid to bring up the subject of holiday spending and be honest: if you can’t keep up with the Jones, or your mother-in-law, don’t pretend. Let your family know you are trying not to spend money you don’t have. Suggest a gift exchange, everyone draws one name instead of trying to buy for all.

4. Look for coupons, Groupons and other savings.

Subscriptions and memberships can be tailored to the recipient and have a more lasting impact than another sweater or scarf under the tree. Among recent Groupon deals that would fit some people on our gift list: $27 for a dual membership at the Museum of Vancouver; $25 for an intro to snowshoeing in Toronto and $6 for a one-day climbing pass and gear at Climb Edmonton.

5. The holidays are for giving.

And that doesn’t mean you. Almost half the people in the TD survey said they buy gifts for themselves while they’re shopping for others. Cut yourself off your holiday gift list.

Start planning for next year. Make a New Year’s resolution to meet with a money coach and tackle those nagging financial worries that come between you and your sleep – or between you and your partner. Read more about it in this story in which Katherine Davidson, one of our new Money Coaches Canada associates, talks about what she does.

And if you get a sinking feeling in the pit of your stomach when you think about your debts, Sheila’s Debt-Free Challenge is the course for you. Sign up here for a free preview.