I have not observed Christmas since the 1970s - I dont buy gifts, send cards or put up decorations. Over the years some friends and members of my family have become more and more anxious about what this holiday costs, and have said that they wished they had the "courage" to cut down significantly this year. Its fair to say that they were expressing these thoughts before CV-19 came along. However the financial pressures this year seem a good excuse to set a precedent.
I have suggested some or all of he following economies for a start:-
Re-use last years decorations
Only send cards to those you will not be seeing over the holiday
Only buy gifts for children and agree on a financial limit. Say only one "big" present and a couple of token gifts for the tree
Only buy for immediate family (forget all the cousins, nephews and nieces)
No gifts for co-workers or agree on small token gifts
Cut down on the food and booze - we will probably only be allowed small gatherings