(MS) — Despite the economic downturn, there are a number of helpful ways to stretch your holiday dollars this season. Your child may be influenced by the hottest new toys on TV, but try not to be swayed. Invest in high quality classic toys. Board games, puzzles, dolls, train sets, craft sets, dinosaurs, pirate ships, and castles have been capturing children’s imaginations for generations. Your child will still be playing with them long after the holiday.

You can also save by taking a toy inventory with your children. This can be a true teaching moment. You can explain that before your child gets more toys, he or she needs to sort through what they have. Divide them into piles of what they still play with and what they have outgrown. Your child can then help to pack up the toys and give them to others who can enjoy them.

Patricia Cutler, mother of three, also recommends having a Toy Swap Party with your friends. “Invite all your friends over and ask them to bring toys their kids no longer play with,” Cutler says. “You can then trade your kid’s toys for theirs, and create ‘new’ toys for your children just in time for the holidays.”

While taking your inventory, you also may discover that your child still loves a favorite toy or game but it is just missing the batteries or a key piece or part. For a small fee, most manufacturers will frequently replace a missing piece or part.

Adding accessories to a child’s favorite toy is another wonderful way to stretch your dollars. For example, if the child still plays with their train set, building blocks or doll, additional accessories can create ‘extended play’ for the original toy. Corolle (www.corolle.com) offers a number of accessories for a child’s doll. The company’s collections boast dolls for different ages in various sizes complete with coordinating fashion accessories and nursery pieces like strollers, high chairs, carrying bags and more.

Stephanie Oppenheim, co-founder of Toyportfolio.com and an NBC TODAY Show Contributor, notes that bringing home a new accessory can spark renewed interest in old favorites and better yet, encourage children to spin new stories and pretend-play scenarios — the underpinnings for developing language and story-telling skills.