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Why not have a serious conversation with you family and opt not to buy everyone presents this year? Or maybe you can give family members "gift certificates" to do things for them? Things like clean the house for them, shovel snow, that sort of thing.
Someone mentioned making things as gifts if you are crafty. I used to do that. For me a handmade gift includes a part of the person who made it. You could bake for folks, but that's not necessarily cheaper than buying gifts.
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