I try very hard during the holiday season to spend a limited amount of money. I usually only spend about $50 during the holiday season because most of all my holiday shopping is done at the after Christmas sales from the previous year.
I have a present closet that I just stock-up on bargains through-out the year and then I am ready to take them out for the holidays.
Usually after Christmas sales are as much as 90% off. With a little planning and saving the "present closet" makes my holidays so much easier. I have to shop for my 2 children, husband, 3 sets of grandparents, 8 aunts & uncles, 4 siblings (mine & husbands), and 7 nieces and nephews. I could never afford to do it if I didn't shop a year in advance.
Then I usually add some homemade crafts/decorations.
Here are my own craft ideas complete with instructions.
How to Make a Microwaveable Heating Pad
How to Make Your Own Gift Bags
How to Make Ornaments from Christmas Cards