Should Holiday Gift Exchanges Have Low Or High Dollar Limits?

In my family we always do Christmas gift exchanges with one another. We do it as a way to save money because then you're only responsible for buying one gift. We do a secret Santa exchange so you have no idea who is buying your present.

In my family we have a really low maximum dollar cap. With my siblings we used to cap it at $10. As we've all grown older we've switched that maximum cap to $25. The fun was always trying to be thrifty and crafty to come up with something that person would like.

For us, it wasn't about the gift. It was more about the fun of seeing that person's face when they opened something crazy, or unexpected. It was about sharing the fun memory. We have so many inside jokes that stemmed from that tradition.

In my husband's family they do things a little differently. They still draw names like they do in my family. However, this year everyone knows who everyone has. And, each person has a list of things they want you to buy for them. The dollar amount is double my family's limit.

To me, when you have a specific dollar amount you're trying to hit and you're given a specific list of items that are acceptable to the other person, it takes the fun out of it. I love searching for something special that I think would fit that person's personality. If I know I have to spend $50 and it has to be on a specific item..what's the point of exchanging names?

My husband says that this way you know you're getting someone a gift they will like and a higher limit allows for a better gift. He mentioned that you'd end up spending way more than $50 if you were responsible for buying a gift for EVERYONE.

I still feel like a lower limit is better. So, we're leaving it up to you. Do you think holiday gift exchanges should have a lower or higher limit?