FOX Business correspondent Gerri Willis breaks down retail sales on 'The Big Money Show.'

The holiday season is a time for joy, family and celebration – but it can also wreak havoc on your finances if you’re not careful. With more than $1.166 trillion in credit card debt, some Americans may be leaning over the sink with a financial holiday hangover if they don’t watch their wallet wisely.

Many of us have experienced that post-holiday financial "hangover," where the joy of gift-giving is overshadowed by the harsh reality of overspending. This year, let’s break the cycle!

Here are some practical and simple tips to help you enjoy the holidays without blowing your budget.

It’s easy to get swept up in the excitement of the season, but the first step to avoiding financial regret is to establish clear spending limits.

It’s easy to get swept up in the excitement of the season, but the first step to avoiding financial regret is to establish clear spending limits. Start by setting a total dollar amount of what you can afford and then make a detailed list of everyone you plan to buy gifts for and assign a budget to each person.

HOLIDAY SPENDING PROJECTED TO HIT NEW RECORD THIS YEAR

If your whole family is struggling, offer to do a gift exchange rather than buying a gift for everyone in the family.

Also, remember, the........

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