Give family memorabilia and other prized collections. Consider culling your gift list. This will save you money and time. Give photos that are mementos of time spent together throughout the year. Buy gifts only with cash.
Research shows that people spend more on gifts when they use their credit cards.
If you are unable to share gifts as a family, make sure you have fun activities planned for the time you would have spent opening presents. Use creative gift wrap. Use newspapers, magazines, grocery bags. Add color and humor. Record books on audio tapes for grandchildren and give them both the book and the tape.