According to Cardweb.com, Americans spend an average of $700 per household for Holiday gifts. If you are one of those people who end up spending more than they can afford, read these tips to make this Holiday season a debt-free one.

Set Spending Limits

Make a budget and then stick to it. If you can only afford to spend $100 in gifts this year, then find a way to make that money count. "Develop a spending limit for each person on the list," says Steve Blankenship, a Certified Financial Planner™ professional and principal of Heritage Financial Planning. "Stick to your limit! No matter how much your grandson would love the latest and greatest Xbox game, keep in mind that you will have to climb as high financially as the hole you dig for yourself."

Make a List

Know what and who you're buying for before you hit the stores. While it's not ideal to be preset on something (you may stumble on a great deal for something unrelated), do have an idea in mind. Does your sister love writing? Plan on a diary or a fine pen. Has your best friend taken up painting? Get her a new set of brushes or an easel. A well-thought gift will be much more appreciated than an expensive trinket they can't use. Keep track of what gifts have been already purchased to avoid duplicates.

Tally the Extras

It's not only the big gifts that put a dent on your budget. You also need to account for all the little things. "Make like Santa and list all your holiday expenses," recommends Freedom Financial Network, LLC, a credit counseling and debt-consolidation service. "Include small gifts to teachers, babysitters, newspaper carriers, etc., which can add up quickly. Don’t forget extras you may have, such as cards, food and beverages for entertaining, and holiday clothing purchases." Small $20 gifts can add up into the hundreds if you're not careful. You may have to consider dropping people from your list if you truly can't afford to buy something for everybody. Another option is to shop at discount stores for little knick-knacks that will count as a gesture rather than a gift (a scented candle, a box of chocolates, a wall calendar).