The holiday season can add stress to a household budget that may already be stretched thin. However, with careful planning and thoughtful spending, families can create lasting memories without breaking the bank.

At this time of year, developing an entire holiday budget isn’t feasible. Still, there are ways to make the most of the holiday season, said Mengya Wang, Oklahoma State University Extension finance specialist.

“It’s easy to overspend during the holidays because we want to find just the right gifts and host the perfect family gathering, but the holiday season is here,” she said. “People need to realize the holidays are not about gifts – it’s about making memories together. However, if gifts are part of the plan, remember they don’t have to be expensive. Time is one of the best gifts to give. It’s free, and it provides a wonderful opportunity to create lasting memories.”

Rushed shopping is one of the biggest culprits behind hol- iday overspending. As consumers feel the pressure of buying and wrapping gifts, it becomes easier to exceed set spending limits. To help avoid overspending, plan to use only cash for gift purchases. Wang said that credit and even debit cards can lead to overspending.

Try to avoid the “buy now, pay later” deals some retailers offer. These make it easier for consumers to overspend. When the bills come due in January, it may still be challenging to come up with the money to pay them in full. If the bills can’t be paid in full, consumers will have to pay interest, which makes the items even more expensive.

“Withdraw the money you have available to spend, and once that’s gone, you’re finished shopping,” she said. “Another option is to withdraw cash and put it on a prepaid card. This will allow families to do some online shopping while still dealing with a cash limit. It’s important to be strict with your budget for food, gifts, decorations and get-togethers.”

Other cost-saving tips include:

• Shop for new-to-you decorations at the local thrift store.

• Host a family potluck and ask everyone to bring a dish to share.

• Consider giving a family gift, such as a pass to a nearby zoo or museum, instead of giving individual gifts.

• Homemade gifts can be cost-effective. Gifts don’t have to be expensive to be meaningful.

• Host a family game night with snacks instead of preparing an entire meal.

• Encourage children to donate toys they no longer play with to help less fortunate children.

This season also offers a good opportunity to teach children about money management. Help them understand that saying yes to one purchase may mean saying no to another.

To get a head start on the 2026 holiday season, sit down and start planning early. Review this year’s spending, divide that amount by 12 and begin setting aside the monthly portion in January.

“Setting money aside each month is a good way to keep from overspending next year,” Wang said. “Planning now will make the next holiday season more budget-friendly. And remember, the season isn’t about gifts – it’s about creating lasting memories with family.”