I have never, ever spent more than about $50 per child. I never had it to spend. As a single mom with 3 kids not getting child support, we just made it month to month as it was. My kids got a few things every Christmas but it really wasn't that much. I taught them from the time they were old enough to get it that gifts were because I loved them and not because they had been good or bad. I also never taught them about Santa. I was very, very disallusioned as a child when I was the best I could be and I didn't get much of anything as a gift - my parents weren't all that well off either - so I promised myself then that I would never do that to my kids. They knew if they didn't get a lot that it was because we couldn't afford a lot.
I start shopping right after Christmas. I pick up things on sale all year long. I also make every member of the family (3 kids and spouses and 11 grandkids) pajamas. They usually get the jammies and the adults get one other gift while the grandkids get one or two others depending on what we have to work with.
If you take into account the real reason we celebrate Christmas, and don't get caught up in the greed and materialism, your kids can have a great holiday with very little in the way of presents under the tree. We took time to make cookies and decorate them and gave most of them away; we made fudge and gave it to the postal carrier as well as many other people; we made caramel corn and gave it as gifts; we did a lot of inexpensive creative things. We went out and cut a tree each year until one of the girls developed an allergy to pine sap. We took a day or two to decorate the tree and the house with everyone participating. We went on rides to see the lights.
I asked my 9 year old grandson last year if he would rather have me buy him something ready-made, send him money, or make him the traditional jammies and other clothes I make for the kids. He didn't even hesitate before he said, "No. I want my pajamas. Please make my gifts. I love it when you take the time to make things for me."
My kids feel the same way even now. They know we don't have a lot of extra money and as they need things through the year (none of us are particularly well off) we help when we have the means to do so. At Christmas, for our family, it's more about love and spending time with each other than it is about how much we spend. It's always been that way. My kids never even made a list for me with what they wanted on it. They were happy with whatever they got, they loved the clothes I made them, and it make me feel good that my children were growing up knowing that love and caring was more important than how much someone spends on a gift or a bunch of gifts.
Of course, our family was different than a lot of families around us. It still is.
So it all falls to us. In some ways, it makes it easier on me. I don't have to deal with an influx of plastic crap. But then, I do spend more since I am the only one buying. 
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