1. Having some of your value contained in cheesy holiday merchandise is worse than having nothing at all. If you receive something that you otherwise would have bought or will make use of, then you are set. On the other hand, if you get something useless, try to return it, or save it to be re-gifted later. There isn't much control over what you receive, which puts you at a severe disadvantage.
[In order to make a profit, you must increase income or reduce costs. Since income is uncontrollable, reducing costs is the primary focus of the rest of the tips.]
2. Try and make something yourself. If you are a decent artist, sculptor, weaver, or snowglobe-maker, try to craft something homemade - not only does it save money, but it shows that you put some care into the gift-selection process.
3. Buy something to do together. This works best with a significant other or close family member. Tickets to a movie theatre or a gift card to their favorite restaurant can get you something out of the deal as well.
4. Buy items that seem like they are worth more than they actually are. If you are about to buy something at a store or online, imagine it unwrapped before you and try to guess its worth. If you think it is worth significantly more (75-200%) than its price, it is probably a safe bet.
5. Choose a hard ceiling for your gift prices. Based on the type of gift exchange, limit yourself to buying gifts less than say ten or twenty dollars. You want to avoid looking cheap, while still milking the system to your full benefit.
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