Tis' the season to overspend.

Lisa Elle, Ellements Group, Financial Advisor/Author says the number one mistake people make is having no plan in mind when they head out the door.

"I think they go about not giving it much thought and they get sucked into lots of things they maybe don't need or set out to buy at the time."

Elle has some good tips when it comes to keeping cash in your wallet this season.

  • Make a list and check it twice. "Make sure to have a cash flow plan or a budget list of all the gifts you need to buy before you go out and buy."
  • Try to use cash as much as possible. "Try to take out cash first and then keep your plastic at home and that won't cause you to pull it out and spend extra, and stay in budget."
  • Try making or baking gifts for someone. "They are usually more meaningful and cost much less than commercially produced stuff."
  • Start planning in January 2017 for Christmas 2017. "If you save a little money every month in advance, it will lighten the burden of having a stressful financial Christmas hangover."
  • Remember what is really important. "Maybe volunteer or donate the money you would have spent on gifts to your local food bank for example."

It is also never too late to teach children about financial responsibility.

"I think a great gift is a three piggy bank thing or those gift/save/spend piggy bank or even jars you could label them that; you can teach the kids how to put the money into the give pile or the spend pile or the save pile so they start to learn some of those money tips at a young age."

Heading into 2017, Elle says make a plan early.

"I call it the financial Christmas hangover because come January you don't want to open any of your financial statements, definitely pay down as much holiday debt, then in the New Year create a plan, and stick to the plan throughout the year as best you can. Even if it's honestly saving $50 a month, that even helps to ease the burden."