I don't give Christmas gifts. The holidays got better when I stopped playing the 'who bought the most expensive present' game.

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• Michael Allen stopped buying pricey Christmas presents for his friends and family in college.
• His financial priorities changed after leaving the Marine Corps and working toward his degree.
• Allen values time with loved ones over material gifts and emphasizes memories over money.

This as-told-to essay is based on a conversation with Michael Allen, a 54-year-old author from Titusville, Florida. It has been edited for length and clarity.