If yours is one of the many families who bought a house this year, then trying to juggle a new -- or more expensive -- mortgage payment along with the financial rigors of holiday gift-giving, decorating, and entertaining is not only nerve-racking, but can bring excess debt as you ring in 2004.

But it's not just the mortgage payment that may put a damper on holiday spending.

"In the first twelve months after purchasing a newly built home, owners spend an average of $8,900 to furnish, decorate and improve their homes -- more than twice the $4,000 spent by non-movers," the National Association of Homebuilders says in its report, "Housing: The Key to Economic Recovery."

About 77 percent of it goes toward furnishings and changes to the property. The rest is spent on appliances.

Those who buy existing homes spend $3,766 more than non-moving homeowners in the year after they buy a home.

Working the expenses of the holidays into first-year, new-house spending can be a challenge for some. If you fall into that category, you're not alone.

The Consumer Federation of America, a nonprofit association representing 300 consumer groups, recently said more Americans will be spending less this holiday season.

Of the more than 1,000 adults surveyed in mid-November, about one-third said they plan on spending less. Last year about 12 percent said they would cut their holiday budgets. About 15 percent said they will spend more. Some 50 to 61 percent said they plan on spending about the same.

"The jump in consumers saying they will spend less compared to more during the holidays is a bit surprising," said CUNA Chief Economist Bill Hampel. "It suggests that many households are not yet convinced that the recession is completely behind them."

Compared to last year's survey, this year's group is more concerned about paying off their debts.

Some 54 percent of consumers are still paying off last year's holiday debt, according to Consolidated Credit Counseling Services Inc., which also predicts Americans will be spending less.

Its poll reveals of nearly 1,000 consumers nationwide, almost 58 percent said they will spend less than they did last year -- half say the cutbacks are due to current economic conditions. More than 18 percent said they're spending less because they're earning less. More than 66 percent said they're spending less because they are already carrying too much debt, which is down from 70 percent last year.

"It seems that consumers are earning less than last year, but have committed themselves to getting personal debt rates down, which is a very promising trend," said Howard Dvorkin, a CPA and president of Consolidated.

But not everyone shares the view that Americans will be spending less.

"Year over year, the data shows, this will be the strongest holiday season since 1999," Scott Hoyt, director of consumer economics for Economy.com told CNN. "But because consumers have been spending since September, there's not much pent-up demand. Consumers have already spent up demand."

And Bank One Corp. predicts consumers will spend about 6.3 percent more this year than last year.

Whether you bought a new house this year and have related additional expenses, or you plan on spending less during the holidays, the CFA offers a series of tips:

Budget your spending. It sounds simple enough, but many of us don't put a cap on how much we'll spend.

Like Santa, make a list. Itemize gifts, holiday food, decorations, postage and party clothes; then determine how much you'll spend for each category. For gifts, make a list of the people you're buying for and how much you plan on spending on each person.

Shop around. Compare offers online. Look for sales and coupons.

Pay off your debts as quickly as you can. If you have to use credit cards, pay them off as soon as possible. Credit card debt is relatively expensive. Your card's grace period -- the time between your purchase and when interest is charged -- doesn't apply if you're carrying over a balance. And if you only make the 1.5 percent required monthly payment, you probably will never pay off the debt.

Plan for next year. Consider a Christmas Club account. While these accounts do not pay much interest, they provide a practical way to save small amounts over time. Ask your credit union or bank to automatically transfer funds from your checking to your Christmas Club account every month. The CFA says the discipline of saving reinforces your good budget intentions.

"By developing and sticking with a holiday spending plan, Americans can enjoy the holiday season without suffering a financial hangover," said CFA's Stephen Brobeck.

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