I returned to the old adage my parents had several years ago and think it is the best one to follow.
My children received two or three gifts from the mythical Santa Claus. These were generally toys when they were young and then grew into other items as they aged. We set a limit of $100.00 per child and stuck to it.
We had a name draw for family members children, nieces, nephews etc. and there was a $25.00 limit for them.
Naturally we gave to the grandparents, mostly items the children had made themselves or something they could use jointly, like a dinner at a favorite restaurant, etc.
If we felt the need to give to others it was baked goods or homemade items. Pine cone wreaths, Painted pine cone ornaments for their trees, etc. Sometimes the children picked up wooden boxes, frames, etc. at the Dollar stores, painted them and we put a current picture in the frames for grandparents, etc. They did stain glass painting, etc.
It cuts down on the expenses, gives the children projects to occupy them on unpleasant days and evenings when it is dark early, and makes for family time as well.
Hope this helps you out some.