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Holiday Gifting: Where Can You Cut Back?

BOSTON (CBS) - Can you save on Christmas spending? Giving to fewer recipients is a good start.

Trim your list down to a reasonable number. If you have a large family and you usually buy a gift for everyone in the family that can get very expensive. And it creates mayhem on the holidays and afterwards as well when many of those gifts need to be returned.

Consider foregoing the adults and just the kids get gifts, perhaps only those under 10 who are still fun to shop for. For the rest do a Yankee swap after dinner.

Or consider putting everyone's name in a hat at Thanksgiving and each family member draws a name. You can do this for kids as well. The bonus, less shopping and you can afford nicer gifts. And as a family put a limit on the dollar amount spent on each gift. Make it reasonable for not everyone has the same earning capacity in a family.

Consider buying a family gift rather than individual gifts for your siblings' kids. A gift that keeps on giving, one that can create memories. And you can make memories on the cheap.

How about a trip to Faneuil Hall Marketplace for pizza and to see the free light show, "Blink", which starts on Saturday and will be there thru January 3rd. The sights and sounds are pleasing to all ages.

A membership to the Aquarium to check out the penguins which are my favorites. There are over 80 penguins there now. If the kids are older consider taking in a 3D movie, Great White Shark, the Humpback Whales or the Secret Ocean.

A membership to the Museum of Science so the kids can visit the Planetarium. For the little ones there is Big Bird's Adventure: One World, One Sky and The Polar Express 4D experience for all ages is playing thru January. This is a great place to go during Christmas break.

Creating memories are far better gifts and they last longer than a toy.

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