We've had those years. I ended up doing a lot of my shopping at thrift stores-if you look hard, you can find some great stuff at an even better price. My boys got FUBU, Tommy Hilfiger, Old Navy, A&F, Avirex... and I spent $1/shirt dressing them that way.
I love dollar stores at Christmas time. I got 24 "antique" beaded Christmas ornaments for $4, a few 12-packs of icicle ornaments, they've always got plastic or glass balls you can decorate to your liking, tiny trees & lights to go with (I used ribbon from Walmart to tie little bows on tiny trees for my boys' bedroom windows. It matched the theme of their room & for about $5 each, including lights, tree & ribbon it looked very cute). They've also got garlands-some look worth $1 but some you can dress up or mix together to create a very nice looking garland. Check Joann's After-Thanksgiving sales for the tiny decorator stuff near the fake flowers-they had some decorations (little sprigs, wooden decorations, etc) as cheap as $.25. I spent $10 & put bits & pieces of them all over the house-gorgeous on the cheap.
My friends & I had a cookie party-we each made a few kinds of cookies or candies & brought them all over to my house. We set all of the trays out, I had hot chocolate & a dessert wine, we hung out while the kids played upstairs, gave each other our gifts & everyone went home w/new recipes to try & cookies they didn't have to bake.
I crochet, so I usually make my gifts for everyone. I started w/after Thanksgiving sales buying my yarn. I've got 26 people to gift besides my own family & only 4 are getting store-bought gifts (our parents are getting digital picture frames w/memory cards). I'm making blankets, hats, mittens, doilies, shawls, etc for the rest of them. I have over 15 gifts already done. I've used fabric paints in the past, done iron-on transfers, sewed... My son's first Christmas was very lean-we bought him 2 or 3 things & made the rest. Hubby & I made a mobile out of disco ball Christmas ornaments, curling ribbon, some string & the discarded record holders from an old stereo cabinet. Hung from the ceiling so he couldn't break apart the tiny mirrors, it looked really cool in his room. When Daddy would put them to bed, they'd spin the mobile w/the lights on & watch them dance all over the room.
My sisters this year are getting partial store-bought gifts. I made them each a shawl that was big enough to wrap their upper half in, one that matched their living room decor, & I'm buying each a book, a dollar store coffee mug & making hot chocolate packets to go with the mugs.
I've got several crochet (some knit) patterns, an entire book of craft & Christmas ornament ideas... email me if you'd like me to scan & email any of them.