Financial Expert Gives Tips To Seriously Save On Holiday Budget

We're three and a half weeks away from Christmas, and surveys show average spending per person is going up.

The latest survey by the National Retail Federation shows holiday shoppers plan to spend more than $800 this holiday season, and we want to keep you from busting your holiday budget.

Chris Hogan, radio personality, author and financial expert on Dave Ramsey's team, said planning ahead for the holidays is key, and a website, myChristmasbudget.com, can help.

"Really look at how they can lay out the dollar amounts that they want to spend," Hogan said.

The National Retail Federation Survey shows more than half of spending will be on family members, the rest for coworkers, friends, and by splurging on themselves.

It can get out of hand if you don't keep track of spending.

Hogan said, "I come from big families, so we can't buy for everybody, so we make the list, and stick to the list."

He said preparation is the key to not overspending on Christmas gifts.

He and his wife work on the holiday shopping budget well in advance.

"We laid out the people we were going to shop for, and we assigned dollar amounts. Now, for me, that was rough because I love my mom, I even love my mother in law, a lot. So what are we going to do? But it wasn't a matter of the gift being the amount of love I have for the person, it's about what can we do right now," Hogan said.

And when shopping, Hogan said it's best to pay in cash to make sure you don't go over budget.

He said, "Surveys have found you spend more when you use plastic - 25 to 28 percent more."