I have hosted both, and they are fun.
I do the cookie exchange a little differently then most - as I find baking dozens and dozens of cookies too much, I ask the guests to bring (example) two dozen of their choice to share at the party (one dozen for the party to sample, and one cookie goes into a box for home) This mini sampler is not daunting, and they are packaged in festive 'take-out' boxes. At the party I serve a veggie and dip tray, crackers and cheese, a bean spread w/flat bread, and chocolate fondue with fruit & poundcake. Tea, coffee and spiced hot chocolate. It is a relaxed event, festive music and laughter.
An open house on Boxing Day is great!! The rush of the holiday season is passing, people are often more relaxed and commitments are less. I have baked a large ham and a roast beef - had them sliced with assorted cheeses & served along an assortment of buns for sandwiches. There is two kinds of soup in crockpots, a Spicy Sweet Potato soup and Vegetarian Chili. Veggie and dip, cheese and crackers with grapes, a spiced fruit salad, and the assorted Christmas cookies, tarts and bars. Coffee, tea, citrus punch and hot chocolate. This way all food can be prepared ahead of time, and just need to refresh - spending my time visiting, not in the kitchen. As for the kids: puzzle on a side table is a great place for youth to work on, a basket of holiday books beside the couch for the quiet ones, checkers, wood train, blocks and building logs keep little ones busy. In the rec-room there (
after much debate) is often a holiday movie playing. I do not let the video games play as it discourages interaction and can cause conflicts in the early teen set. The music is Christmas, lights on and candles lit! A family affair.
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Good luck!