I tend to find sugar cookie dough on sale around the holidays so I stock up on them and you can too. Then, go to the dollar store and find any kind of candies. Then, make your own festive cookies. Honestly, the pre-made dough is cheaper than making your own.
Volunteer. Nothing helps me when I'm down on my luck than helping up my fellow man.
Can you kindly ask your outer rim of family friends that this year, can we NOT do gifts? This way, you can concentrate on your immediate family.
But, you CAN do homemade Christmas cards to send out! That is always fun!
Have a contest with you kids to see who can make the best paper-plate star for the top of the tree using household items only. (Glue left over from school supploes, ribbons from previous presents, odd-ends of wrapping paper, toilet paper sprinkled with glue and glitter, etc. ) Then, have everyone vote on them in a blind ballot but make it clear no one can vote for their own.