The story could be updated by changing outdated language and references to modern ones but keeping the theme of the story.
"The Gift of the Magi" is a popular short story that describes how a young couple do everything possible to give each other a gift despite their poverty. Due to this, the story focuses on sacrifice and love.
This story was written in the beginning of the twenty century, due to this, some of its elements are outdated, this includes:
Due to this, if you want to make the story more comtemporary it is necessary to change the outdated elements for modern ones. For example, to refer to prices you need to think about modern prices. In the same way, it is necessary to place the context in a modern society.
However, essential elements such as the theme about love and sacrifice should be preserved.
Learn more about modernity in: https://brainly.com/question/2031731