10 holiday money mistakes

With the sour economy, holiday budgets are tight this year. In fact, according to Consumer Reports, 76 percent of Americans plan to cut back on spending this season, particularly on gifts and travel.

Sentiments like this have prompted retailers to try even harder to lure shoppers in the door. Deals are everywhere. But even with such an abundance of bargains -- or perhaps because of them -- it's easy to go overboard or make other spending mistakes. Avoid these 10 missteps to stretch your holiday dollar the farthest this year:
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"It was 60 percent off! How could I pass that up?" Sound familiar? But just because something is a good deal doesn't mean it's a good deal for you. With so many discounts this season, it's easy to fall into the trap of buying something simply because it's on sale. You may spend more than you normally would have or end up with a closet full of cheap, unnecessary stuff.<br /><br /> Stay focused by drawing up a budget and gift list before you head to the store. Write down everyone you need to buy for, along with the amount of money you're willing to spend on each person. Then, jot down gift ideas for each person on your list. An hour of forethought can save you a bundle in the long run.

1. Being blinded by bargains.

(McClatchy-Tribune)

"It was 60 percent off! How could I pass that up?" Sound familiar? But just because something is a good deal doesn't mean it's a good deal for you. With so many discounts this season, it's easy to fall into the trap of buying something simply because it's on sale. You may spend more than you normally would have or end up with a closet full of cheap, unnecessary stuff.

Stay focused by drawing up a budget and gift list before you head to the store. Write down everyone you need to buy for, along with the amount of money you're willing to spend on each person. Then, jot down gift ideas for each person on your list. An hour of forethought can save you a bundle in the long run.