When a blizzard forces the Keatons to spend Christmas at home, Elyse's gift to Steven, an album filled with fascinating old photos, sparks flashbacks to the birth of their three children.

A cynical Alex finds the spirit of Christmas in a dream, when he's shown shocking visions of the past and future by ghosts of Mallory and Jennifer.

While the family enjoys trimming the tree, singing carols and taking pictures, Alex would rather listen to stock reports and finds Christmas ""a silly sentimental farce"" except for the commercialism. That evening, when he drifts off to sleep, Jennifer, The Ghost of Christmas Past, takes him back ten years to a scene in the Keaton living room and a time when young Alex loved Christmas. Next, the Ghost of Christmas Future, Mallory, appears and transports Alex 15 years ahead in time. The impoverished Keaton household is a sorry sight, visited by a rich fat cat on his way to Las Vegas - the future Alex.