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Tis the season to be…broke! Yes, it’s the most wonderful time of the year, the time when parents all over the world feel immense pressure to get the flyest toys for their children at the expense of their wallet and sometimes their sanity. But this year is a little bit different. The economy is struggling and you simply can’t afford to splurge on extravagant gifts.

So it’s time to come up with a plan. How do you cut back this Christmas without having to look at disgruntled little faces on Christmas morning?

Buy 1-2 Big Items

Instead of spending tons of dough on seven items over $100, cut it to one or two. If your child has been pestering you for an iPad for the past year and a half, go ahead and hook him up. But make sure the rest of his gifts are significantly smaller.

Money for Christmas

Remember how $20 dollars seemed like a whoooole lot of money when you were a child? That’s pretty much the same for kids today. Except you’ll have to up the ante because $20 dollars ain’t what it used to be. If your child is old enough to spend her own money, put that under the tree this year. That way you won’t be tempted to buy more than you can afford, your child can get what they really want this year and throughout the process, they’ll learn the value of money.

Volunteer with/ Donate to the Less Fortunate

Even though money is a little tight around your house, there are still thousands of families living below the poverty level in this country. Make sure your children understand this. Go beyond putting money in the Salvation Army tin and take them to a shelter or a food pantry around the holidays. Not to make them feel guilty for having more but to make them appreciate what they do have.