My wife and I missed our savings goals this December, primarily because of Christmas Gifts. We're not proud of that -- and from now on, only people in the family who are under 18 get presents. Grown-ups can buy their own toys.
My wife came up with the idea of limiting presents on her own (I'm a lucky man!) but I also wanted to link to this email sent by Grandpa Money Mustache:
Since for me a simpler Christmas is a grander Christmas, I’m planning to follow this procedure:
No gifts given to adults or teens (for those who feel they simply must give to me, I suggest a small comestible – preferably home-made! Or a donation to a charity).
Grandpa will be giving to children under twelve.
This helps to avoid stressful shopping and allows folks to focus dollars where really needed.
The best present for me is getting together with you.
That's definitely the way we're going next year. It's better for our wallets, it's better for the wallets of our relatives, and it's better for the planet. (Why buy a bunch of crap that will eventually end up in a landfill?)