Growing up in the US during the 1970s, I remember well that recession.
I also remember my great-grandmother's stories of an even harder time.
According to the experts, we are facing times just as tough.
At the holidays, when we want to insulate our children from these harsh realities, the situation can be even more difficult.
The 3 ideas below are not for everyone.
But if you are seriously wondering how you are going to give your children a Christmas at all, then one or more of them might be just what you need.
1) Go home-made.
Especially for the adults in our lives giving something we made ourselves can be a good option.
I have actually always used this one for co-workers and neighbours.
For about £10 (or $10) I can purchase all of the ingredients to bake muffins, cookies and cakes for about 2 dozen people.
I then wrap them nicely in plastic wrap...
and voila...
Christmas presents.
Other ideas are coupon books for things such as babysitting, cooking or cleaning.
Or naughty things for that special someone.
What about photo albums or letters/poems.
You can also search the Internet for other home-made gift ideas such as turning empty wine bottles into lovely candle holders.
2) Move Christmas.
This may seem a bit strange, but if you have teens or very young children then you could save a great deal of money and perhaps purchase those dream gifts...
on 26th December.
Our family is using a variation of this one...
we have one present to open on Christmas, but the majority of our shopping will be done on Boxing day when the stores have sales of 50% to 75% or more.
Christmas will instead be focused on the 2 F's...
food and family.
Then on the eve of the 26th or 27th we will open all those cheap presents.
3) Buy used.
I know this may seem the most radical of all.
But if something is gently used you may actually save up to 90%.
Young children especially can outgrow toys so quickly that you may be able to find quality toys that have hardly been used.
It is possible that if you belong to a group such as Free Cycle you might even find quality items for FREE.
Like I said, I know these ideas are radical...
and some of them may go against what we feel Christmas is all about.
But I remember clearly my great-grandmother's words...
Times might have been tough, but we had each other.
I think that if we can find the strength that her generation had to endure the Great Depression then we can come out the other side better people...
and have taught our children some valuable life lessons...
much more valuable than the latest PS3.