I'm in the same boat, on both sides!!
ILs always get her a BIG bouquet of flowers, candy, etc. We always get her a card and her fav. perfume. They know the money situation so they don't say anything, but you get 'that look...' When I can't afford much, I try to make it special by getting something that doesn't cost too much.
A DVD she's been talking about, a g/c to the movies, a g/c to her hair dresser, print out a nice pic of the kids...
For my parents, again, they know the money situations... My mom rather receive just a card and know that I'm covered financially, then get a great gift and then I can't feed my kids or pay a bill. my mom LOVES pics of my kids (the only grandkids), so that is one gift that I can give that no one else can. However, when my sis gives her these expensive gifts that I can in no way afford, I do feel bad. I can't help it. I know she understands, but still. It hurts me to see what sis has found this time...
One year the ILs got professional pics done. Told EVERYONE how much they spent. They had told me before hand that they also needed some work done on their car that was about the cost of the pro pics. I told them to get the car fixed and wait on the pro pics. Nope. Had this big presentation over the pics as presents on Christmas .... a week later they called the FIL to borrow money to fix the car because they needed it for work. Bet FIL really appreciated that pic then!