The holiday season is a time for friends, family, togetherness and fun. It's easy to get carried away when stocking up for the holidays from gifts, to food, to party favors and decorations, there are a seemingly endless array of ways to spend money in the name of the holiday season. In fact, the holiday season is the peak time of year for debt accumulation. While everyone wants to enjoy themselves during the holidays, and to show their loved ones how much they care, overspending is not the only (or even the best) way to accomplish these goals.

All of us make financial mistakes, and research in the new fields of evolutionary economics and behavioral economics are starting to explain why. It will be good to have this knowledge someday. But in the meantime, here are ten of the more common money mistakes you may be making, so you can start correcting them now.

There are a number of practical ways to reduce debt and some of these you have probably heard before. Once you have sorted out your debt problems then in future avoid debt traps and keep a tight rein on your finances. Taking some time to analyze your current financial circumstances is a strong beginning and once you know exactly what the position is then you need to share the information with your family. This way no one will have a false impression of how things really are. You probably are facing debt challenges if:

Are you always stressed about money? Do you dread seeing the credit card statement in the mail? Are you constantly worried about how you’re going to pay your bills? Do you have a tendency to overspend and then worry about paying the essentials?

author: Sharon L Lechter Cpa Robert T Kiyosaki asin: 0446677450 binding: Paperback list price: CDN$ 18.95 CAD amazon price: CDN$ 12.50 CAD

Personal-finance author and lecturer Robert Kiyosaki developed his unique economic perspective through exposure to a pair of disparate influences: his own highly educated but fiscally unstable father, and the multimillionaire eighth-grade dropout father of his closest friend. The lifelong monetary problems experienced by his "poor dad" (whose weekly paychecks, while respectable, were never quite sufficient to meet family needs) pounded home the counterpoint communicated by his "rich dad" (that "the poor and the middle class work for money," but "the rich have money work for them").

The dreaded “B” word drums up a lot of emotions in people. Often budgets are associated with cost cutting or even financial failure or bankruptcy. However budgets are by businesses and other successful people to establish a spending plan and to map out their financial future. Budgets are a useful starting point in establishing your financial plan but they are narrowly focused and typically only look at your expenses.

All of us have hopes and dreams about the little extras we want in life. But all too often, these dreams go unfulfilled due to a lack of money. Most people focus on the fact that they don’t make enough money or the fact that the cash is not available now. But there is a way that you can get those little extras with the money that you have right now.

author: Dave Ramsey asin: 0785289089 binding: Hardcover list price: CDN$ 28.99 CAD amazon price: CDN$ 19.13 CAD

The success stories speak for themselves in this book from money maestro Dave Ramsey. Instead of promising the normal dose of quick fixes, Ramsey offers a bold, no-nonsense approach to money matters, providing not only the how-to but also a grounded and uplifting hope for getting out of debt and achieving total financial health.

The bankruptcy list provides a great opportunity for many companies to acquire a highly targeted list of individuals and businesses who can provide marketing opportunities for a great variety of organizations providing services for debt management, debt counselling and even high risk lenders who charge an increased rate of interest to individuals with an inferior credit rating.

Many people are barely getting by financially. Most of these individuals can be helped using a single technique. That technique is reducing expenses. Simply put, they spend too much money. If you are spending more money than you earn you could find yourself in the same boat if you are not there already. So, how can you fix it and what would be your smartest financial move?