You probably can still afford to decorate the house together or have traditional holiday breakfast. Have your kids look through their old toys to see what they can give to someone else. Give your child a gift you know he or she will love, not one the advertisements say kids love. Even people who are experiencing financial stress can find volunteering good for their spirits. An example might include volunteering your family to serve a holiday meal at a food kitchen or shelter.
Practical items can become gifts.
If your daughter needs a new winter coat, wrap it up and put it underneath the tree. Give your kids a game they can share with each other or with the entire family. Remember that books are lasting, non-breakable presents. Read them to younger kids for a bonus gift.