Wow! That's a lot of dough. You must be giving pricey gifts out to families??? KUDOS to you!
Like every year, I have a separate budget for holiday gifts. I try to never go over $1k.
So far, and it's been 15yrs ... I budget perfectly under $600.
The holidays are all about being together with families ... appreciating being healthy and alive. And I make sure my kids know it's not about getting gifts. This was instilled in them since infancy.