It comes as no great surprise amidst an economic downturn, but over three-quarters of consumers polled for a recent survey said that they were going to cut back on their holiday spending this year.

Most polled (59%) said they would buy few gifts, but surprisingly, nearly half said that they were cutting back on their seasonal travel plans.

The consumer reports study also showed that nearly 12 percent of Americans still have leftover debt from last year???s holiday spending, causing most consumers to be even more cautious about overspending this season.

Click here to read the report in full.

With a sluggish economy, rising unemployment rates and the financially stressful holiday season on the way, there’s never been a better time to put your budgeting skills to the test. Keeping track of your spending now can mean the difference between having cold hard cash in the bank and being left out in the cold this winter. Here are a few reminders to help you stay on track:

-Set a holiday spending limit and stick to it
-Avoid making ends meet using credit cards
-Understand your income and how it changes throughout the year
-Set aside a specific amount for daily incidentals
-Create a saving schedule and put money away each month, no matter how small
-If you have a little extra spending money at the end of the month, reward yourself on a job well done with a small splurge

Check your email inbox this holiday season for more seasonal tips on budgeting and meeting immediate financial needs, only from CashNetUSA, America’s trusted online lender.