Debt the Halls: My Son's Plush $25 Christmas

This year, Julie and I plan to spend less than $50 on Christmas for our family. By which I mean: parents, siblings, grandparents, cousins, aunts and uncles and our beloved dog and cat.

That also appiles to our son, Micah. He's getting $25 to start a 529 savings account.

I know what this sounds like: The Grinch lives right here in St. Louis County!

Hear me out.

We know that our family members, Micah in particular, will get many gifts from other relatives. Babies and brightly colored packages have a magnetic relationship. We're grateful for them, but we certainly don't expect anything from them. Frankly, we'd be happy if they spent the same or less on us.

But the real issue isn't who gave what to whom. We're a family, and the time we'll get to share this holiday season is what matters most. The real issue, for us, is debt.

My wife and I hold a healthy six figures' worth of debt. Except that isn't healthy at all. Six figures? We don't own a house, a boat or acres of pristine countryside. We own college degrees.

We owe. Unfortunately for my wife, the bulk of it is mine.

Of course, there are other debts of smaller size. We have a modest credit card bill that we plan to phase out. We won't be using that card or others like it anymore. We are paying off a vehicle.

Based on our calculations, we have a fighting chance of getting debt-free or near that point in 10 years. We've developed a budget and are tracking our expenses closely. We're doing everything to save and reduce debt.

My prayer is that one day, we'll have the resources to give our son a nice Christmas and a good education. And for my wife and I, my hope is that we'll have the ability to give to people who have needs that far surpass our own.

Until then, we'll nickel and dime it with the best of them.