With the holidays just around the corner, many people start thinking about gift giving. The holidays are famous for sending many people into a downward credit crisis spiral.

If you are already on the edge, unnecessary holiday spending could push you right over. I’d like to encourage you to step away from the credit crisis cliff, take a deep breath and decide here and now to avoid adding to your stress level by preventing any further financial distress.

Perhaps you’re teetering on the edge financially due to a job loss, medical expenses or sending a kid or two or three off to college. There are a number of ways to get into and believe it or not, through a credit crisis. And there are several ways to prevent getting into one or getting in any deeper.

I know that the holidays are meant to be jolly, full of warmth and time spent with loved ones. I also know that you can give the gift of love in so many ways without pulling out your overextended credit cards.

Let’s focus on preventive measures you can take right now. These proactive tips can help to keep you focused on maintaining and improving your financial security while getting through the season and into a happier New Year.

Hopefully, you’ve already assessed your situation on paper by recording your income and regular expenses and liabilities. If not, please do this now. While you’re at it, write down all the monthly payments that must be paid in full, such as the mortgage or rent, utility bills and insurance payments. Consider this activity a gift to yourself and your family.

Then, build a realistic budget you can live with and stick to it. Cut back on every expense possible. Maybe you can downgrade your cable plan and spend less on lattes. Can you stay out of restaurants until you are out of crisis? Can you shop at Goodwill instead of department stores?

Spend time with your loved ones preparing beautiful meals together. Get creative with what you already have. Make things together with whatever you have around the house. Play games, watch movies, tell stories. In other words spend quality time together and make this the least expensive and most rewarding holiday ever!