4. Grab the first thing you see
Writing it out can help you narrow your gift list down, but you also want to make sure you're paying a fair price for the items you buy. To do that, "Go online before you go shopping so you have an idea what the fair value of your gift items are," says Rob Jupille, president of RTJ Financial Management in Santa Monica, Calif.
Comparison Web sites let you search for the lowest prices of items, ranging from digital cameras to jewelry. Once you know what the desired items cost at different venues, either use the knowledge to negotiate for the best price or simply buy the item from the vendor that charges the least, Jupille advises.
5. Wait until the spirit moves you
The longer you wait to shop, the less time you have to find the best deals. Not only do your options drop when you have less time to shop, but you may end up having to pay more money for expedited shipping of gifts that you want to arrive in time for the holidays.
Waiting until the last minute also increases your stress level, and you're more likely to engage in impulse buying when you're not rested and relaxed, according to the Association of Independent Consumer Credit Counseling Agencies. While there may be some last-minute sales on Christmas Eve, you might be too anxious to find a gift to take advantage of them.
6. Put it on plastic
The holidays are a dangerous time for those who tend to carry a balance on their cards -- and 46 percent of American households do, according to a 2006 study by the Government Accountability Office. If you don't carry a balance and you have the money available in your checking account to pay off the entire bill in January, it might make sense to use a credit card to shop if you're getting some type of incentive, such as points or free mileage.
If not, don't even take the credit cards with you when it's time to go shopping. They may tempt you to blow your budget because you won't have to pay up immediately.
"Part of the problem with the credit card is it's just real easy to keep adding to it and not pay it off at the end of the month," says Jupille.
7. Buy now, pay later
Enticing deals that let you delay paying for large-scale items for a couple of months, as well as offers for a period of free financing, might be particularly tempting during the holiday season when you have a list of gifts to buy. But be particularly careful if you don't have the money on hand, says Eric Tyson, author of "Let's Get Real About Money! Profit from the Habits of the Best Personal Finance Managers."
"You shouldn't be spending money that you don't have on consumer items," says Tyson. "If you don't have $10,000 to buy those new couches and end tables for your living room then I really don't think you should be financing it."
Even if you are expecting a raise next year or you believe your financial situation will drastically improve in the coming months, wait until you actually have the money before making those extra purchases.
"You don't know what life's going to throw at you," says Tyson. "Suppose you have a major illness or a disability. That could prevent you from earning the substantial income that you thought you could."