(NC) The holidays are  usually very expensive. This is when social events, gift purchases and travel get added to our already existing expenses.

According to a recent study by the financial consulting firm PwC, Canadians are on track to spend an average of $1,563 in 2018  during this period, 3.7 per cent more than last year.

Even if you find great deals, credit card interest can chip away at any savings if you carry over your balance. Be careful not to hurt your pocketbook.

To better control your expenses, follow these smart tips:

1. Establish a budget before you start shopping. Make a chart identifying the nature and cost of each gift, staying within a total spending limit.
2. Avoid interest and late payment charges by paying off your card balance before the due date. If you are unable to do so, pay as much as you can. This will reduce the balance and interest payable.
3. Avoid taking cash advances on your credit card — interest will start to apply immediately.
4. Check your account statement carefully and regularly, and report any unauthorized transactions to your credit card company immediately. This is especially important in January, since credit card fraud often occurs during the holiday season.

There are tools to help you determine how long it will take you to pay off your credit card balance if you make only the minimum payments. One such tool is the Credit Card Payment Calculator, available at canada.ca/money.