While the holidays can be a magical time for children, adults face a plethora of extra expenses. Gifts, food, decorations, the perfect outfit for that holiday party, or air fare to visit family - there's no denying the holidays can put a dent in the wallet.
 
According to a 2016 Mid-Year Consumer Survey by Georgia Credit Union Affiliates, 15 percent of respondents spend more than $1,000 on holiday expenses, 29 percent spend between $500 and $1,000 and 28 percent spend between $300 and $500.
 
The average American spent $734 on gifts, $120 on food, $78 on decorations, and $85 on flowers and cards during the 2015 holiday season, according to AOL Mass Media.
 
Traveling can be another major expense during November and December. AAA reports that due to low gas prices, 41.9 million people took a road trip last Thanksgiving. Another 36.1 million journeyed by plane. According to the National Retail Federation, the average person travels 275 miles for Christmas. Thirty-two percent of GCUA survey respondents said they plan to trek more than 100 miles this holiday season.
 
Cutting costs may be necessary to stay financially afloat during the holidays for 24 percent of GCUA survey respondents who said they don't plan ahead for expenses. Eight percent said they start planning less than a month in advance and 22 percent said they start planning one-to-three months in advance.
 
Insider's Perspective:

"Thinking 'outside the box' during the holidays may be the answer," said Kimberly Ford, VP of marketing and human resources at Georgia Heritage Federal Credit Union. "The old adage, 'It's not the gift, but the thought that counts,' really does resonate with people. Making homemade cookies, cakes or other holiday foods to give to family and friends will save you the trouble of shopping during the holiday rush, not to mention the cost savings. As an added bonus, you may want to include the recipe."
 
Ford also suggests checking out Pinterest for creative, homemade gift ideas.
 
"Another idea is giving the gift of your time," Ford explains. "Grandparents can babysit the grandkids and give the parents a much-needed date night. Making a phone call to someone you haven't seen in a while can be priceless. And volunteering at a soup kitchen or at the humane society will give you an emotional boost. The holidays can be a time of joy, but the happiness can quickly fade into stress if you set your expectations too high."
 
Keith Pritchard, President and CEO of United Methodist Connectional Federal Credit Union, said a seasonal loan can help consumers keep from racking up large credit card debt. Many credit unions also offer special savings accounts to draw on at times, like the holidays, when money can get tight.
 
"If they're not a member already, consumers should consider joining a credit union and taking advantage of a Christmas Club account," Pritchard suggests. "That way, they don't have to use their credit cards to pay for holiday expenses and end up with a bill they can't afford to pay."  
 
Tips to cut costs and save for the holidays:

Rewards cards - If you don't have a rewards credit card, check with a credit union in your area about offerings. Rewards cards give you points you can use like cash on merchandise, travel and big-ticket items like electronics and furniture.

Holiday Club Account - Consider enrolling in a Holiday Club account to start saving for next year's holiday expenses. It's basically a savings account that you stash money in all year -- and have limited access to until the holiday season rolls around.

Bargain shop - Check online sites such as slickdeals.net, Woot! And Brad'sDeals to search for the best bargains. If you haven't signed up for Amazon Prime yet, it's worth it just for the free shipping - especially if you do a lot of online shopping for the holidays.

Shop early - Shopping in advance of the holiday season spreads out the expense. Spending a small amount on gifts each month - for several months - is a good way to avoid putting a large chunk of debt on a credit card at one time.

To learn about credit unions in your community and how they can help you save for the holidays, visit A Smarter Choice.