Contrary to popular belief, you don't have to purchase gifts for your friends, family, and coworkers on every birthday, anniversary, or Hallmark holiday. You can, for example, save money on holiday gifts by drawing names among your friends, family, and/or coworkers.

For any occasion, you can give a small donation to a favorite charity in the name of the gift recipient and send a card explaining the gift. Consider making gifts as well: Cookies, breads, soups, and so on. Also, anyone — from a close friend, to a casual acquaintance, to a family member you don't see often — will appreciate a simple, handwritten note from you.

One way to save on gifts is not to give them at all! Let friends, family, and coworkers know that while you're getting your finances under control, you won't be giving — and don't expect to get — presents for the next few years. Send a note to this effect in late September or early October to give people time to adjust!