When we were younger and first married my husband and i didn't really have much cash at Christmas...but it WAS Christmas....and i think we all carry that Norman Rockwell vision of the tree and presents and Christmas Day. We just want our family (and friends) to feel the magic. And it's SO HARD to get there....and it can make us sad in ways that really cut deep when we don't.
We created a tradition that we still do every year. We each get $55 (50 + 5 for tax) - in the afternoon after lunch on Christmas Eve we go to the mall. The rule is, no more than $10 can be spent on a gift...then we each go our separate ways in the mall.
You would be surprised what you can get at the mall on Christmas Eve for $10 or less. Not "junk" either (my hubby always hits the Victoria Secrets sale and i get some new undies) We have a ball !!! - spend a couple of hours scouring the stores - leave the mall with lots of bags - then go out to dinner at TGI Friday's - then go home and wrap the gifts.
When it comes to the kids and grand-kids --- they know what my budget is - everyone gets to ask for 1 gift that they would really like to have --- that one gift will be under the tree - that has been the "rule" since my kids first understood what Christmas was almost 40 years ago......and if there is money left over, there will be more under the tree or in their stocking.....and of course there are always things that i have made for them.
One of my favorite things tho is the baking day i have with my 3 DGD every December. We bake dozens of cookies - i make the dough and do the hot oven stuff -- they make the cookies and decorate them. Last year they each did a gingerbread house too. What a HOOT those turned out to be. I treasure those days - and hope they will be a happy memory for the girls too when i'm not here any more.