my family scrapped gifts altogether last year and we made donations to charities of our choice (this might be harder to do with young children who want something tangible) but it has lifted the stress of holiday shopping so much- we throw so much money into presents, when really, the best part of christmas is time spent with loved ones. the older i get, the more i care less about christmas and the gift part (im 28). it was nice to make a donation to people who are genuinely, desperately needy.
maybe you could do the $10 dollar rule? where no presents cost more than 10 bucks, its fun seeing how much you can cram in for that amount of money. just a thought.