Don’t be too quick to whip out the plastic this holiday season! Studies show the average household charges nearly $1,600 worth of holiday gifts on their credit cards. So, here’s how to save $1,000 by the end of the year. So you won’t have to go into debt to buy gifts.

• Adjust your tax withholdings. The average refund last year was nearly $2,900. If you got a refund, you’re giving Uncle Sam too much money throughout the year. So, file a new W-4 with your H.R. department. Money saved: $500. To find out how much you should be withholding, go to Kiplinger.com/tools/withholding.
• Ditch your premium cable TV package. If you switch to basic service, you can save $80 a month, or $160 by the holidays.
• You could also save over $100 by increasing your car insurance deductible. For example, increasing your collision coverage deductible by $500 could save you 15%, or $60 a month.
• Also, try living off your grocery stockpile. If your pantry and freezer are packed with stuff, you probably have enough food to last a couple weeks. Money saved: $200.
• The final way to save money. Drop your landline phone. If you’re paying $25 a month for home service but mainly use your cell phone, cut the cord. Money saved: $50.

Bottom line: By changing your tax withholdings, cable, insurance deductibles, groceries, and home phone, you’ll save over $1,000, enough to have a nice holiday celebration without adding a single charge to your credit cards.