Even with the best of intentions, it's easy to lose track of holiday spending. But by following the basic principles of debt management, you're more likely to spend within your means - and have less to worry about when bills come due.

But what really is debt management? According to Kristel Johnson, a financial center manager at Fifth Third Bank, "It's a process that helps you manage and control your saving and spending." She provides a few debt management strategies to help you stay on track this holiday season:

Begin saving for the holidays as early as possible.
"I think it's helpful to treat the holidays much like any other big-ticket expense and begin saving well in advance," says Johnson. "While it may be too late to save much for this holiday season, you can still benefit from spreading out your spending over as many weeks - or paychecks - as possible. This also helps you avoid taking on too much debt at once."

But for next year, she suggests setting aside some holiday money months in advance. "Some banks offer programs that help you accumulate savings through automatic paycheck deductions. Your savings earn a small rate of interest, which is then matched by the bank when you reach your goal. Programs like these are also a great tool when saving for a vacation or car."

Many banks also offer traditional holiday savings plans that don't bear interest. Investors can save up for the first nine months of the year. Come October, they can look forward to having their savings mailed to them in the form of a check.

Managing debt once the holidays are over.
So you haven't saved enough to cover this year's holiday spending? Here are a few tips to help manage your impending debt.

"A good first step will be to assess your situation," says Johnson. "Take a look at everything you owe and what you have coming in. If your debt is much greater than what you're bringing in, you may want to consider picking up some additional income with a seasonal or part-time job. It's also helpful to cut back on nonessential expenses to allow more income to go toward debt reduction."

Beyond that, Johnson offers a variety of suggestions to help you decide which bills to pay first, when to consolidate credit and when to seek expert help. "You can also discuss these options with your personal banker," she adds.

Pay off bills with the highest interest rates first. "While you may be able to pay off smaller bills more quickly, it's better to pay off the bills with the highest interest first," she explains. "Bills with high rates grow more quickly, making them more costly to defer."

Transfer high-interest debt to a low-interest card. "If you have several high-rate credit cards, you may want to consider consolidating them on one card with low interest. However, choose a card that has no annual fee, and make sure you use only about half of your maximum credit. Maxing it out can negatively impact your credit score. Also, you don't want to transfer balances too frequently because that, too, can have an adverse effect."

Tap into your home equity. "If you have a lot of home equity, it may be wise to pay off high-interest credit with a low-interest home equity loan or line of credit," continues Johnson. "These vehicles offer many tax advantages that aren't available with credit cards. Your personal banker can help you decide whether this is a good option for you."

Seek out expert help. "If you have challenges making even minimum monthly payments on time, you should contact your credit company right away," advises Johnson. "Call the customer service number on the back of your card and ask for the retention department. Credit companies actually want to keep your business, and they'll work with you to perhaps lower your rate or allow you to skip a payment."

Some people may also benefit from working with a credit counselor. "It's important to select a credit counselor very carefully," says Johnson. "Make sure you choose one who is accredited and certified, that their services are confidential and that you know up front what their services will cost."

To learn more about these and other strategies from Fifth Third Bank, call (866) 475-4201.