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Cutting Corners: Your Christmas List On A Budget

MIAMI (CBS4) ―

Click to enlarge 1 of 1: Shoppers rush in a Best Buy store at 5 a.m. on Nov. 28, 2008, in Los Angeles.
Jewel Samad/AFP/Getty Images

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Gift shopping can often lead to as much stress over the holidays as dealing with family members. This year, with a deepening recession holding the economy in a chokehold, gift shopping has become even more challenging. According to a recent Gallup poll, Americans will spend about $200 less on gifts during the holiday season. But, there are ways to get the right gifts, while also pinching your pennies.

Consumer experts say you just have to know where to look to get the best deal. "At T.J. Maxx, you can look for say 20 to 60 percent off the regular retail price," said T.J. Maxx spokesperson Clarky Davis. "They have gifts organized by price, so if you're looking for something fast for a particular price, you can just check out the signs."

Davis, who also writes an on-line column about debt, said it's a good idea to know how much you want to spend on each person on your list and stick to that amount. But that's not always easy; when you head to your favorite store, prepare to be bombarded with tons of marketing and aggressive sales people. Still, Davis says you need to stick to your plan.

"It's important not to over-extend yourself because you're going to be in January thinking, 'Why did I let myself get out of control?' and you're going to spend the whole year trying to pay off that credit card if you charged it," Davis said.

If you're looking for some more economical, but still thoughtful gifts, Davis recommends some of these items: gift baskets, food, cookies, pies, cakes, and books. You can also consider splitting the difference on a gift with family members if the gift is outside of your budget.

But if you don't have it to give, don't feel pressured to buy. Davis said that's how people get into trouble and then find themselves singing the January blues when the holidays pass.