Here are five tips to help you sleep better and avoid the post-holiday hangover:

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 a little money each payday throughout the year for this high-spending season. 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 actually afford, not what you think will impress your kids, or others on your holiday gift list.

2. Plan Ahead

Every year we promise ourselves that we’ll have all our holiday shopping done well before the last minute, but somehow that never seems to happen. Of course, that’s when the temptation to overspend kicks in. When you are stressed, tired, and in a rush, the next thing you know, you are buying more gifts than you need to, to make up for your lack of thoughtfulness and creativity. This year, use our Holiday Spending Planner to organize your thoughts, build a plan and help you stick to it. Don’t forget to include entertainment, food and other holiday expenses in your tally. Once you add everything up for the season, ask yourself – “is this a reasonable amount to spend given my goals and my income?” And don’t forget the power of cash – it’s the most effective way to stay on track. When the cash is gone – that’s it, you’re done.

3. Get Creative

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 apps you know your favourite geek will love; offer services, like babysitting or a special dinner you cook. Suggest a gift exchange, draw names, set a limit, or make it fun by suggesting only homemade gifts allowed. Or give a group gift to charity. Subscriptions and memberships can be tailored to the recipient and have a more lasting impact than another sweater or scarf under the tree.

4. 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. Be prepared when revisiting traditions. You must first acknowledge that with tradition comes emotion. Trying to change the rules in some families may be like launching a grenade. Tread lightly but purposefully.

5. The holidays are for giving

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

What would you like the holidays to really mean to you and your loved ones? Chances are it’s more about being together and creating memories, than how much debt and worry you can add to your already busy life. Decide if you want to be naughty or nice to your wallet, it’s your choice.