While the holidays often conjure up images of a room full of gifts, many people are looking to cut back this year as inflation continues.

In this week’s episode of Money Glow Up, host Tiffany Aliche gets tips on cutting back from Michael Liersch, head of Advice and Planning for Wealth and Investment Management at Wells Fargo.

"When you think of buying things, it is about quality, not quantity," he notes. "It's really the quality that matters: Why are you buying it? How long is it going to last? What purpose is it going to serve? And how meaningful is it to the person you're giving it to."

Liersch notes that giving gifts doesn't necessarily have to mean buying something new—or buying anything at all. Liersch explains that secondhand shopping has been trending upward, but some clients have taken even greater steps to cut back.

"What they've started doing is wrapping up the knick-knacks in their house and giving them to others," he says. "And they tell them. And when people open them up, they're not offended. They actually think it's pretty cool and important."

Together with Yahoo Finance, Tiffany Aliche creates a space to share real and inspiring money stories, learn financial fundamentals, and build your future. Step into the classroom with Money Glow Up every Thursday at 12pm ET with Tiffany Aliche—aka The Budgetnista—to jump-start your financial journey.

Money Glow Up is produced by Lauren Pokedoff and Shelby Boamah.