With a lagging economy and unemployment on the rise, savvy shoppers will be keeping a close eye on their holiday spending this season. Despite a boost on Black Friday, National Retail Federation is still forecasting U.S. retail industry sales will only increase 2.2 percent in 2008 - the least amount of growth in six years. So it's not surprising that a majority of consumers (54 percent) say they plan to spend less this holiday season than they did last year, according to a new survey commissioned by TrueCredit.com and conducted by Zogby International.

Most respondents (45 percent) say they are controlling their holiday budget by spending less per person this season, 32 percent will buy items on sale and two in 10 people will set and adhere to an overall spending limit. The survey also found that an overwhelming majority (73 percent) will use cash and savings to finance their holiday purchases, while 18 percent plan to use their credit cards.

"While clipping coupons and bargain hunting are effective ways to pinch pennies, now more than ever, consumers need to plan for long-term savings," said Lucy Duni, vice president of consumer education at TrueCredit.com by TransUnion. "During the holidays, it's important for consumers to take a holistic approach to their spending, to ensure they don't rack up debt that will impact their credit long after the holidays are over."

The experts at TrueCredit.com compiled a list of helpful tips and insights to help consumers navigate the holiday shopping landscape:

Wallet Makeover: Surprisingly, the survey found 55 percent of people say they do *not* feel they're more at risk of ID theft during the holiday shopping season. As more shoppers hit the stores, so do identity thieves, so it's important for consumers to protect themselves. To reduce your risk, do not carry extra credit cards, your Social Security card, birth certificate or passport with you unless needed.

Check it Twice: Before you shop this holiday season, check your credit report to get an up-to-date view on your balances and to ensure everything is accurate. After the holidays, check your report again to make sure there isn't any fraudulent activity on your report.

Trim the Tree: Talk to your friends and family about scaling back on extravagant gifts to ensure the holiday season is more economical for everyone. Try making a list of people you plan to buy gifts for and set a spending limit for each one.

Buyer Beware: According to the survey, more than half of Americans have between one and five retail credit cards, and 2 percent say they have seven or more! Avoid the temptation to sign up for every credit card you are offered while shopping. While the promotion may be enticing, it can make it easier for you to rack up more debt.