Frugal Family Challenge: Can Zaceks resist holiday splurge?

— -- Widespread job uncertainty and plummeting 401(k) accounts are making a Hallmark-like happy holiday seem unlikely for many people.

Many families are reconsidering going overboard on gifts in the midst of what could be a painful recession.

This month's Frugal Family Challenge focuses on how to spend more wisely this holiday season.

We've set the Zacek family of North Carolina up with a financial coach who's giving them tips on how to resist the urge to splurge. ABC's Good Morning America Weekend will reveal whether they stayed on budget on Sunday, Dec. 14. We'll publish their post-shopping saga in USA TODAY on Monday, Dec. 15.

When USA TODAY and ABC's Good Morning America Weekend challenged Sue and Eldon Zacek Jr. of Concord, N.C., to rein in what they planned to spend for each of their two kids, we thought they'd put up more of a fight.

The couple's two children, Eldon III, 15, and Valerie, 12, both have birthdays within a month of Christmas, so "it's our time of major personal celebrating. I didn't want my kids to lose their birthdays and Christmas in the same year," says Sue Zacek.

Sue says they were hoping to spend $200 to $500 for each child's birthday and Christmas. But author, therapist and money coach Olivia Mellan suggested the couple cut that upper limit in half.

Then Eldon, to his wife's amazement, reduced that by half. Eldon said the family probably should cap spending on each family member for Christmas at $100, but agreed to a challenge of keeping Christmas for the whole family at under $500.

This season much tougher

Work and financial issues have become a major source of concern for the Zaceks.

Sue works as a business analyst for Wachovia Bank, which is in the middle of a merger with Wells Fargo. She's "cautiously optimistic," but knows she could be without work if the new company decides to cut jobs early next year. She went from being a contractor to a full-time employee at Wachovia right before the storm of bad news, so even though she makes less, she has more job security.