Top Definition
I.

That feeling you you get when you look at your bill of expenses for the holidays -gifts, food, heating, and gas for traveling- and you realize you're in the hole.

II.

When you get people great gifts and they get you a bunch of meaningless shit. You get gypped and thus it is Gypmas.
Example one
"I got my cousin a new phone and he got me a key ring.. Total Gypmas.."

Example two
"Linda, how much did you spend on gifts this year..?"
"1500. Why?"

"We have to live on $300 until the 8th of next year. Good job making it a very, merry, Gypmas.."
by Shibblleeee December 28, 2011

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