When my brother and I were kids—in the pre-Internet days—our mom used to hand us a catalog from some department store, turn to the toy section, and ask us to show her what we hoped Santa would bring. It’s a tradition we continue as adults. My brother, sister-in-law, and I create Internet wish lists, including links, that we share with each other and my mom to make shopping easier for all concerned. We give everyone a variety of choices, so we’ll have no idea what we’re getting, but we’ll all be sure to get something we like.

That’s the nice thing about gift-giving among family members. We can be honest about our likes and dislikes. I’m not embarrassed to e-mail my sister-in-law and say, “Do not get me any pink football jerseys.” Ewww. But we can’t be quite so blunt with friends—which is why regifting was born.

If money is tight this year, what can you say to your friends that might ensure you don’t wind giving or receiving something better left on the shelf? Here are a few suggestions:

• Let’s have a book exchange! Drawing names for gifts? Have all your friends bring a used paperback from home to give to the person whose name they’ve drawn. Not only do you avoid spending money on your gift, but you get to share your favorite reads with your friends.

• Let’s trade fishing lures! Are you and your buddies fishermen? Then instead of exchanging books, you might want to consider exchanging different types of fishing lures. Again, it’s not necessary to go out and buy a new lure. Just make a pact to exchange some of the old lures from your own tackle box. Just make sure you don’t inadvertently trade a valuable collectible.

• How about a flea market scavenger hunt? Another alternative is to make a trip together to a flea market or garage sale. Commit that you’ll each buy yourselves a gift for no more than $5, then set about searching for the perfect find. You’ll be trading the traditional gift exchange for the fun of the hunt plus the pleasure of one another’s company.

• Let’s call the whole thing off. Be honest. Do you and your friend really want to exchange holiday gifts or have you simply fallen into a custom that neither of you knows how to end? If you’re brave enough to bring up the subject, you may find your friend is just as anxious as you are to stop the gift-giving habit. Instead, suggest that you begin an annual lunch tradition. Dutch treat, of course.