The holidays are frequently a time for overindulging, especially when it comes to holiday spending. However, according to Gail Wilson, a financial center manager at Fifth Third Bank, it is possible to avoid going into debt - and still enjoy all the fun and camaraderie the season offers.

She and her fellow employees have devised a few strategies to help you gain control of your holiday spending. And as an added benefit, she offers a personal example of why you may want to consider investing some holiday gift money in long-term investments.

Develop a plan - and stick to it.
Wilson says the best plans begin with open communication. "I encourage you to discuss your gift-giving preferences with family and friends. Knowing up front who's exchanging gifts and how much you wish to spend is better for all concerned. For example, instead of buying each person an individual gift, you may decide to exchange names or buy just one gift for an entire family. You may even consider not exchanging gifts."

She also recommends using a shopping list or worksheet. "Include everyone you're shopping for - family members, neighbors, friends and any other people who are special to you. Then, start developing a budget. Keep in mind that gifts are only part of your holiday expenses. You may also want to consider the costs of new clothes, groceries and beverages for entertaining, travel expenses, decorations, gift wrap, cards and postage."

While it's important to begin shopping early, Wilson suggests taking a few minutes to reconsider everyone and everything on your list: "Are you comfortable with what you plan on spending - or should you consider scaling back?"

To help save time and money, she recommends shopping with definite gift ideas for those on your list and watching for sales. She also suggests starting early - weeks or months ahead of time. "You may also want to consider purchasing gifts throughout the year to take better advantage of sales," she adds.

"Many people put off their shopping until the very last minute," she continues. "But when you're down to that kind of deadline, you end up buying anything just so you don't show up empty-handed. It's usually under these circumstances that people end up spending too much money and experiencing too much stress."

She also says it's important to learn how to accept unexpected or extra-generous gifts graciously. "You don't have to feel guilty about not giving a gift of equal value in return," she says.

Consider other options besides store-bought gifts.
"From what I've read, the average family spends between $1,500 and $2,000 on holiday expenses," continues Wilson. "But a lot of time, what you give or receive is just stuff - it adds to the clutter of our lives before it's finally packed away or given away."

She suggests considering non-traditional gifts. "You may want to help fund a child's education by contributing to a 529 College Savings Plan. Or, in my case, I like giving nieces and nephews savings bonds. They can save them for their college education - or spend them on whatever they want."

Another idea is to give your time. "My son has given us coupons that I can redeem for his carpentry work. That means a lot to us and is very appreciated," says Wilson. She also recommends making gifts, like cookies and fudge, or giving other small items like a bottle of wine.

Wilson also suggests trying other activities at your holiday gatherings besides opening gifts. "It might be nice to go caroling, see the Nutcracker or bake cookies together."

For specific ideas or advice from Fifth Third Bank, call (866) 475-4201.