Santa is staying at home this year; he and Ms Claus will be baking cookies as gifts and sending the elves on financial wellness courses. The reindeer are all going in for realignment, there will be no new reindeer purchases for some time.

Real holly replaces the plastic, the stars in children's eyes replaces the tinsel that flakes and messes mom's carpet. Christmas 2009 is lean times.

The sudden injection of a Christmas bonus into a wilting bank account can, very briefly, give an illusion of wealth, of plenty - don't be fooled. In the United States credit card debt has grown to roughly $822-billion and last month 533 000 jobs were lost,the largest one-month drop in 34 years.

"Save money. Live better."

Major retailer Wal-Mart's new slogan is "Save money. Live better." Bank of America has been advertising its "Keep the Change" debit card savings program and risk-free certificates of deposit.

In South Africa bad debt is leaping over itself, with unemployment slowly rising, house and car repossessions at all-time highs and more corporates worried about growing debt from clients and among staff. "There is a definite strategy tied to using Christmas bonuses and not one of them has the word 'spend' in them," Andre Snyman, CEO of Consumer Assist, the largest debt-counselling organization in South Africa said.

"First pay off any revolving credit or short-term debt, for example, retail accounts, then cut up at least two-thirds of the credit or store cards you have in your wallet and throw them away. Don't allow temptation. Next pay up your credit card. After that add as much extra money as you can into your bond.

"Once you have paid as much debt, or all debt off, then look for the best possible savings accounts, something where you have to put a lump sum in and get high interest rates after 48 hours, two weeks or a month of the money being in that account. Ensure it is an account where you can add to it monthly and watch money grow. Keep that money only for emergencies."

Snyman said there were a range of other types of ways to invest, "unit trusts and stocks are old favourites and while you might put money in nowand it looks as though you are losing, over the long term you will gain.

Patience breeds wealth

Patience breeds wealth. Once that had been done, there are other ways to have a wonderful Christmas but in new ways, "spend more time with your children, play games with them, use our fantastic weather to do things that everyone enjoys. Go for picnics, play cricket or rugby or soccer in the park, join a municipal tennis club. Buy bicycles for the family and have fun while getting fit.

"There is no need to go on holiday, most people are staying at home this year or are going onholiday for a shorter time. This is a good time to discover your city and the many free events all the cities and towns offer.

"With lots of fresh fruit and vegetables in season, it is a good time to make jams or pickled items that are healthier and can be kept or given as gifts. It's worthwhile to visit your friends and braai or have a bring-and-share lunch.

"The message of Christmas and Chanukah has never been about crass consumerism, they are both festivals of light that celebrate the goodness in our lives, it is a time to take stock give thanks affirm values and prepare for a very hard year ahead."

James Seele, media liaison officer for Consumer Assist said: "Now is the time to teach children the importance of saving, of recycling, of sharing and giving to those less privileged. 2009 is going to be a very difficult year, many people will lose jobs or enter financial crisis, and the time to take measures to avoid that is now."