NEW YORK — It's not too early to start thinking about a holiday spending strategy, not only to hold down debt but also to reduce the stress that comes with putting things off to the last minute.

Many families may have less to spend this year because of the higher cost of gasoline and home heating fuel. Some may be less comfortable spending as usual when they know so many people on the Gulf Coast are struggling to put their lives back together after Hurricanes Katrina and Rita.

"With time on our side — a couple of months in advance of the holidays — we have the opportunity to step back and ask, 'What's a reasonable amount of money I can spend on holiday festivities, gifts and donations?"' said Sheryl Garrett, head of a financial planning service based in Shawnee Mission, Kan.

Families can talk about what they really want, which may have less to do with buying things and more to do with spending time with people who matter or giving to those less fortunate, she added.

Rob Bennett of Purcellville, Va., who publishes the Financial Freedom blog at www.passion saving.com, and his wife, Mary, who goes by the name Boo, have cut back on holiday spending. They budget for it, setting aside some money every month to cover holiday expenses.

Bennett says he tries to be creative about gifts. "I'll go to a used bookstore and find just the right book for Boo, maybe something out of print," he said. "It may cost just $5, but I know it's something she wants."

And he thinks couples can benefit by agreeing not to exchange gifts and, instead, do something fun together.

Bennett also argues that children would be better off getting less, including his own boys, who are 5 and 3. "Like most kids they already have too many things," he said. "It's actually a burden on the kids."

Lisbeth Wiley Chapman, who operates the Ink & Air public relations consulting firm in Wellfleet, Mass., recalled a difficult stretch she went through 20 years ago when there was barely enough money to pay the rent or cover holiday gifts.

Thrift shops run by churches and community groups provided a wealth of items at low cost, Chapman said.

Holiday gifts for her sons were necessities like socks and towels and school supplies. "I wrapped every single thing I put in their stockings — boxes of raisins, pencils, erasers," Chapman said.

Linda Arroz, who was a professional shopper before she and a partner opened the Makeover Media business consulting firm in Los Angeles, suggests families make a list of the people they want to buys gifts for and set price limits.

"A lot of people just blunder out," she said. "They get caught up in the music, the decorations and they whip out that credit card, and before they know it they've spent $1,000."

She likes what she calls "gifts that last all year," like magazine subscriptions and annual memberships to museums.

And she's a fan of gift certificates. "You don't have to worry about choosing between those cashmere gloves or the acrylic gloves," she said.

Arroz also thinks the holidays are a good backdrop for families to decide together on charitable contributions. Many this year may want to contribute to hurricane survivors, she said. "There are also a lot of local charities that may not be doing very well this year that would really appreciate donations, especially the arts," she said.