Since each is without funds, Jim secretly decides to sell his watch to pay for the combs. And Della decides to cut and sell her hair to pay for the watch chain.

Though both are disappointed to discover their presents were rendered unusable by the other’s sacrifice, they’re each overwhelmed by their partner’s gift of love … because that’s what gift-giving is really supposed to be about.

If you’re low on funds but trying to keep this year’s holiday season as merry and bright as any other, here are a few penny-pinching tips:

• Recycle your wraps. Money spent on wrapping paper, gift bags, and bows can quickly add up. Instead of letting these extras siphon dollars away from your gift budget, try alternative wrapping ideas. Use newspaper, and colorful magazine and catalog pages to wrap your gifts. Get the kids into the act by asking them to color newspaper or copy paper that will be used to wrap. Cut up magazine/catalog pages to use for bows, or use scrap yarn or old ribbons.

• Drop some names. You have to be able to identify the packages under the tree, don’t you? So rather than buying pre-printed To/From cards, why not make your own? Get a pack of cheap index cards you can cut and fold. Then use kids’ stamp sets, stencils, and crayons to make them interesting. Or cut out images from the Christmas cards you received last year and write the recipient’s name on the reverse side. Use a hole punch and string to attach your handmade tags to the packages.

• Measure your time. If you’ve been laid off and can’t afford to buy a gift, then give of yourself. Make a gift card offering to wash your sister’s car, babysit your brother’s kids, teach your mom the nuances of Windows 7, help your dad lay the new tile in the kitchen, give your husband a month of back rubs, bring your wife breakfast in bed on Saturdays, teach your son to ride a bike. What tasks have the people in your life been asking you to perform that you just never seem to find time to do? Well, now you have time. And you may find that the gift of yourself is more valuable to them than anything you would have bought if money were no object.