Why I'm saying no to Christmas presents this year

Is there an alternative buying mountains of Christmas presents? After years of wondering about it, our colleague Vik Iyer (aka Scrooge McDuck) has finally persuaded at least some family members that it isn't a good idea. So, what are the arguments and issues involved in changing the way you do Xmas?

We are very lucky in my family – everyone is in work and if we spend sensibly then we can afford treats. With the adults in the family working and earning, it has become increasingly difficult to buy each other Christmas gifts.

Struggling to think of presents I want

Why? There is no official cap in our gift giving but I suspect - with the odd exception - we are shopping largely in the £20- £50 per gift bracket. And, over recent years, I have actually struggled to think of anything I really want in that bracket beyond vouchers. In terms of other gifts, I just ask people what they want. My parents and in-laws again seem to have as much difficulty as I have in deciding what they want.

My wife and I also agree on what to buy each other (as I'm sure many others do) – it doesn't quite feel like this fits the ephemeral and mysterious Christmas spirit everyone goes on about.

The result is a lot of presents that - if we are being brutally honest – simply do not get used a lot, in the main. Even with the ones that do, we could all have probably bought them ourselves.

There's still time to get your festive spending sorted with our Christmas money planner tool

All change this year

After a few years of complaining about it, my family are now starting to come round. This year, quite a few family members have agreed not to bother getting me anything. A few years ago I think that might have caused a fair bit of controversy – I guess perhaps that is the power of tradition backed by the seemingly endless marketing that goes on.

Whether my position will influence others will remain to be seen, but I do hope our presents pile will reduce down to a more sensible level – although I still want my chocolate money!

The spirit of Christmas

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So is this a scrooge-like anti Christmas message? I don't think so. In my view, Christmas is a time to catch up with family and friends. Losing the stress and money involved in presents exchange might actually make the festive period even better.

Of course not every family is the same. If you know a gift will really help someone out or that they will really love it, then I would definitely still get it. If you have younger children, then of course you will want to treat them to something.

A savings alternative

Another colleague tells me that, in his extended family, instead of buying the younger members presents, they all contribute to a savings account set up for each person. Teenagers are possibly the hardest people to buy for and this idea means that nothing goes to waste (well at least until they start spending the account!).

Our guide to savings accounts for children

Recent research from secretsales.com suggests UK shoppers spend £88 on themselves compared with £66 on mum, £61 on dad, £42 on a sibling and £32 on grandparents.

I think in some senses we get stuck in a kind of autopilot with regards to Christmas, even though the dynamics of our families change throughout the years. Some of you will have toddlers running around, others teenagers.

My advice is to make sure the money you are spending - and the presents you are getting - have a purpose. Otherwise you could be incurring needless stress and, even worse, debt.

This article is provided by the Money Advice Service.