Start now to repair broken budget

— -- So you've blown your budget buying Christmas gifts for family, friends and even the neighbor's dog.

That's little surprise. It's the American way to spend and spend. In an October survey by BIGresearch and the National Retail Federation, consumers said they planned to shell out an average of $923.36 during the holidays, a modest 4% increase over last year but up a steep 24% since 2003.

The problem is that the trauma of overspending during the holidays can last long after the last of the eggnog has been chugged and the wrapping paper stowed away. It can limit how often you're able to take trips next year. Or eat out.

That's why you should repair the damage as quickly as possible. That's especially true in a shaky economy, with housing prices across the country falling and energy prices surging.

Just in time for 2008, here are 10 tips for getting financially fit.

•Take stock of the damage.

Check your bank and credit card statements online. Once you find out how well you fared in sticking to your holiday budget — assuming you had one — you can either pat yourself on the back or move quickly to get rid of the debt.

In the mayhem of holiday shopping, many people lose track of how much they've charged to their credit cards or withdrawn from their bank accounts.

That partly explains why credit counselors typically see 40% more customers in January than in any other month, says Dave Jones of the Association of Independent Consumer Credit Counseling Agencies. This year, Jones expects "more (customers) than usual" because, despite the uncertain economy, "people are still pretty optimistic. We're going to see some high spending."

•Tackle debt.

If you've racked up debt, map out a plan to get rid of it as early in the new year as possible, even if that means temporarily taking on a second job or forgoing the Starbucks coffee each day.

Enlist your family's help in brainstorming ways to trim expenses until you're back on sounder financial footing. You could watch television instead of going to the movies, return unwanted Christmas gifts or just start a new tradition of Sunday brunch at home instead of at the diner.