Are you in danger of credit card hangover?

Are you in danger of blowing your Christmas budget? Are you on track with your spending – or are you risking a credit card hangover?

The holidays are filled with good intentions. You make a list, set a budget and then put it off. Sometimes it's that last minute impulse shopping that can put you over the edge. And according to research from the Retail Council of Canada, we are likely to spend even more this year.

The latest numbers from the council show that Canadians plan to spend on average about $792 this year, which is up from last year. And typically even though 65 per cent say they will stick to a budget, about 28 per cent go over.

"You know in one way it's not just about doing transactions, it's about being inspired, you say I'm going to spend about this amount of money, I think I know what I'm going to buy," said Michael LeBlanc, senior retail advisor, Retail Council of Canada.

LeBlanc said sometimes something will catch your eye and affect your choice but even though Canadians went over their budget last year, it was only by a hundred dollars or so.

Leaving things to the last minute though could blow the budget and leave you with credit card hangover as you're in a rush to get it done and don’t take the time to find the deals. That's why it's good to make a list and start early.

Many people did on Black Friday. And there's a reason it's called that. Many retailers' ledgers move from red to black as fixed costs are paid and volume starts to build.

"Holidays a very important time for most, if not all retailers, toy retailers, toys and that category it's very important. You know that vast percentage is done during the holiday period," add LeBlanc.

The top categories for holiday spending are food and entertainment, clothing and toys. According to the survey, 72 per cent intend to spend their money in stores as opposed to online shopping.

However, the most important factors that draw the holiday dollar include; free shipping, holiday sales and promotions, convenient return policies and guaranteed shipping dates.

And if you're one of those people who goes overboard, don't beat yourself up. You're meant to have fun. But even family time and creating memories can cost money, because it could involve travel and extra food costs.

For B.C. residents, planned spending is lower than the national average at $733, except according to the survey, we are more likely than other provinces to increase spending in 2019.

See more survey results here.