AKRON, Ohio — Shopping for the holidays can get quite expensive. According to Bank Rate, a personal finance website, 63 percent of Americans say they feel pressure to overspend on gifts.

  • 63 percent of Americans say they feel pressure to overspend on gifts
  • According to the National Retail Federation, this holiday season, consumers plan to spend more than a $1,000 on decorations, candy and gifts
  • Financial experts recommend setting a budget and sticking to it, tracking spending, taking advantage of holiday sales and paying cash

This holiday season, consumers plan to spend more than $1,000 on decorations, candy and gifts, according to the National Retail Federation.

Last year, the average American who used credit cards on gifts, racked up more than $1,200 in debt.

"Because credit is so readily available, people will very often go way over what they would normally spend," said Dr. Barry Mulholland, director of Financial Planning Program at University of Akron. " When we borrow with credit cards, we don't see that payment for 30 days, and so people lose track of what they're actually spending on the credit card, and all of a sudden they find themselves in a position where they can't pay it off."

Mulholland says setting up a budget and sticking to it will set you up for success when you hit the stores this holiday season.

"Pre-planning makes a huge difference. If they know in advance what they're going to spend, they're much more likely to spend it and they're much more likely to not get pulled into the instant sale that just happens to pop up when they walk in the door."

Financial experts recommend tracking your spending after each purchase, taking advantage of holiday sales and sticking to paying cash instead of a credit card.

Mulholland says setting aside money all year long will help keep you on track for next year's holiday season.

"Start putting your money away already after this season is over, start January 1 with that first paycheck, and set aside money to fill out your Christmas shopping budget. Learning to save early, even small amounts, makes a huge difference over a person's lifetime," said Mulholland.