Story highlights More than half of parents will spend on average $422 per child

58% of parents say they never stick to a budget

Men more likely than women to splurge, study says

(CNN) Many parents will bust their budgets this year when it comes to fulfilling their children's holiday wish lists, and that could mean they will be paying for those gifts for months, and sometimes years later.

More than half of parents report they aim to get everything on their kids' wish lists this year, spending an average of $422 per child, according to a new survey from T. Rowe Price

While creating a budget is a helpful way to avoid overspending, 58% of the parents said they never stick to it, and nearly two-thirds admit they spend more than they can afford.

"It's OK to splurge a little bit on holiday spending. There is a lot of of pressure to do that, but we don't want [parents] to go overboard at the expense of their financial well being," said Marty Allenbaugh, a certified financial planner at T. Rowe Price.

The spending hangover some parents will face could last a lot longer than their New Year's Eve partying. More than half will put their holiday spending tab on credit cards, with 61% planning to pay them off in three months and 16% will take more than six months.

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