I started my list on Friday and I've been dealing with a similar problem. I have my spreadsheet and each child has 6 lines of gifts.
The first line is clothes. I plan to have a spending limit for each, same amount ($50... I plan to scour these boards like last year for deals... Old Navy and Children's Place had great deals).
The second line is books. Again, a spending limit $10 each. I use Borders coupons and
Amazon sales, and should be able to get 2-3 good books per child.
The first 2 lines, I will spend up to these amounts and probably not less.
The next 3 lines for dd will be items from her list (So far, Uno Moo and a DS game). I will do my best to use coupons, codes, promotions, etc. to keep costs to a minimum, but there is no set dollar amount except that it must fit within the "under our family tree" budget max of $500 (this includes mine and dh's gift).
For DS I am choosing one gift from each of the 4 categories: music (drum), sports (T-ball set), imagination (Weebles or Little People), learning (Leap Frog, V-Tech, Fisher Price, etc.)
The last line is Santa's gift and could be anything (within the budget). DS's Santa's gift will be one from above group, not sure which yet though.