After Chuseok, someone in the group chat asked, "What are we going to do for Christmas this year?" At that moment, everyone went quiet.

I think it's because the memory of seeing last year's credit card statement is still fresh. When you have a big family, the number of gifts multiplies.

So these days, people around me are seriously talking about Secret Santa. Instead of everyone buying gifts, we draw names and each person only buys for one other person.

First, let's look at the numbers. According to a survey released last fall by the National Retail Federation (NRF), the average planned holiday spending was $890.49 per person, the second-highest amount in the survey's history.

The highest was the previous year's $901.99. Among that, respondents said they would spend an average of $627.93 on gifts for family and friends, meaning most of the spending goes toward gifts.

This year's outlook isn't much different. PwC surveyed 4,093 U.S. consumers in June, and the average gift budget came out to $708.

Households with children reported an average of $875, while those without reported $635. It's clear that households with kids have a heavier burden, which makes sense when you see toy price tags.

In the same survey, eight out of ten consumers said they would use some sort of budgeting strategy this year. Everyone seems to share the desire to cut back.

What's even more painful is debt. A LendingTree survey found that 37% of consumers went into debt last season due to holiday spending, with an average amount of $1,223.

This is an increase from the previous year's average of $1,181. Additionally, 41% of those in debt said they were still paying off last year's holiday debt, and 47% regretted spending so much.

Honestly, I was a bit shocked by these numbers. The joy of giving and receiving gifts lasts a month, but paying it off takes a year.

So how much can we save by switching to Secret Santa? Let's do a simple calculation using a household with eight adults gathering for the holidays.

If each person buys a $40 gift for the other seven, that's $280 per person. Altogether, that's $2,240 being exchanged.

If we set a limit of $50 for Secret Santa, each person only spends $50. You actually end up receiving a better gift while spending less than one-fifth of the original amount.

After crunching the numbers, I was immediately swayed. This feels almost like cheating.

Plus, it reduces shopping time. Instead of worrying about the preferences of seven people and making several trips to the mall, you only need to think deeply about one person, making gift selection more enjoyable.

From what I've heard from families who have tried it, there are a few rules that tend to stick. First, set a clear dollar limit.

If you say "a reasonable amount," someone will inevitably show up with a $100 gift. Then the following year, everyone starts playing a game of social cues.

Second, create a wishlist. If you jot down about three things you'd like, it makes it easier for the person choosing and reduces the chances of needing to return items.

Third, use a free online drawing site or app for the selection process. Paper draws often result in someone picking their own name, and it's hard for family members who live far away to participate.

Many families exclude children from the Secret Santa. Adults do Secret Santa, while gifts for kids are either handled individually or the adults pool their money to buy gifts all at once.

If you tell the kids, "This year, you can only receive one gift," their expressions immediately change. I see this as a realistic compromise.

On the adult side, there's actually a welcoming atmosphere. The older generation tends to prefer spending time together over receiving gifts.

If you're a Korean family, shortly after the holidays, there's also the New Year's money and cash envelopes to look forward to. So reducing holiday gifts in advance holds even more significance.

If Secret Santa feels too serious, there's also the White Elephant method. Each person brings a gift within a set limit and then selects or steals gifts in order.

Of course, there are downsides. Sometimes gifts go to the wrong person because no one knows who picked whom, and there's always at least one person who doesn't use a wishlist.

But that can also be a source of laughter. A set of fluorescent socks someone received last year is still a legendary topic in the group chat.

Now is the perfect time to start. Once November hits, everyone has already begun their shopping, making it harder to change things up.

Post the date, budget, and wishlist deadline in the group chat first. Surprisingly, everyone will likely agree as if they've been waiting for it.

It might feel a bit awkward to be the one to suggest it at first. In that case, just saying, "This year, prices are no joke" is enough, and no one can argue with that.

If it were me, I'd set the limit at $50, have the drawing before Thanksgiving, and make exceptions for the kids. This way, no one feels left out while significantly reducing expenses.

Even if the number of gifts decreases, the holiday spirit doesn't diminish. In fact, being able to smile without worrying about the credit card bill feels like the real gift.