If you’re between the ages of 23 to 38, chances are you’re spending too much during the holiday season.

                By                    Selena Fragassi

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According to new survey findings from American Express’ Pay It Plan It division, not only did 86% in this age demographic say yes to overspending, but of that group, 21% said they went over their desired threshold by $500 or above, CNBC reported.

But it was the type of gift they purchased that really racked up the dollars — 69% said electronics were the big ticket item that pushed their pocket book, while 57% noted children’s toys and 38% said jewelry.

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Looking ahead to this holiday season, most survey respondents plan to spend at least $100 per gift recipient, which may not sound like a lot until you consider their gift list can run pretty deep with parents, siblings, friends, grandparents and children to consider, per CNBC.

A report from Think With Google a few years ago found that millennials had 28% more people to buy for year-over-year. And that’s not to mention they also like to buy gifts for themselves during the holidays. Inc magazine found that 37% indulge in self-gifting as a stress reliever.

It’s not just gifts, either. Last Christmas, Lending Tree reported that a survey of 2,000 people found 30% were planning to host holiday parties, with millennials quoting the biggest expenditure by far — on average, $981. As well, the report noted, “To help cover these expenses, 55% of millennials say they may have to take on debt to do so.”

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But there are several ways to cut down on costs this season to avoid such pitfalls, experts advise, and they’re good ideas for anyone at any age:

  • Set a budget and stick to it. Jot down only what you plan to buy and stay true to it. Have a total dollar amount in mind and using your smartphone will help stay on task. Find all the deals. Holidays are hugely competitive for retailers — look for app offers like those in Target Circle or Walmart+ and check your credit cards to see if they offer cash back programs.Tap into credit card parks. Have rewards pending from the previous 12 months of purchases? Start redeeming them for gifts. Or, open a new credit card to take advantage of new account benefits — just be sure you can pay the balances off at the end of the season to sidestep more debt.Buy “older” electronics. If you can’t afford to give the iPhone 14, the 13 model is just as great and will cost you several hundred less. Just because it’s not brand-new doesn’t mean it’s not still highly valuable.Don’t get wrapped up in shopping “holidays.” Black Friday and Cyber Monday can be a big trap to buy more than you intended and go over budget at the same time. Remember, there’s still four weeks left in the season.Always consider shipping costs. Many people now prefer to shop online. When doing so, factor in what the shipping cost might be as part of your budget (or go for e-commerce sites that offer free shipping).Invest in discounted gift cards and use those to pay for your shopping list. Sites like Raise and Gift Card Granny offer gift cards for dozens of retailers at 10% off the regular price. Buy them and use as your funds for holiday shopping — it could add up to real savings.Homemade gifts are great too. It truly is the thought that counts, especially when it comes to parents and grandparents who love nothing more than homemade gifts like those that bring up good family memories.