1 Make your own gifts
If ever there was a time to put your hobbies to use, it is now. Draw on your interests to create unique and personalised gifts - a Christmas cake, a painted canvas, a pair of handmade earrings - for friends and family. Those who do not have a specific interest can opt for parent and teen coach Carol McNaughton Ho's service token gift idea. It requires the giver to think up a number of favours such as making a cup of tea, a neck rub, doing the washing up; essentially things the receiver would most like help with once in a while. Write each one on a piece of folded paper and present it as a jarful of 'treats' on Christmas day. The idea is for the receiver to use these favours once during the course of the year.
2 Manage your finances
It is easy for spending to get out of control during the festive season, says Vanessa Lee Taub, an adviser at Financial Partners. To rein in your expenses, she suggests determining a budget for the season and then sticking to it. 'For people who need more discipline, you can withdraw whatever that sum is in cash and stick to spending the cash. Cash is much more tangible than credit cards,' she adds. Keeping all your receipts and making a habit of tallying them up is also a good way of monitoring your spending, she says.
3 Use a gift registry service
An online gift registry service such as Nunu Luan's Double Happiness can help cut down on wasted gifts. By setting up your own online wish list, givers can group together to buy a gift the person really wants. 'This is a perfect option for the kid who has lots of toys and [avoids] wasteful duplicated gifts, and it allows adults to have the one thing they might really want at the moment, for example, a superb bottle of wine, which all your friends can contribute towards,' says Ms Luan.