We usually do one big-ish gift and then some smaller toys, plus a simple stocking.
DD is 3 this year and she's getting:
-A felt board doll house including all the people and furniture for her big gift. This was about $60 including shipping, and she's going to LOVE it.
-A Tinkerbell toy she is asking Santa for. ($10)
-Playdoh she's asking Santa for. ($10-$15 depending on what we get.)
-Pajamas ($12 for two pairs)
Then I will spend $10-$20 on little stocking things like fun chap stick, socks & gloves, candy, etc.
We've asked for craft supplies from grandparents, and my grandma gave us $100 to buy DD a little violin because DD wants to play like me.