This is such a great idea! Instead of going overboard buying the Christmas gifts this year we simplified. The kids got a pair of shoes, books, and one dress-up outfit each.
Then we decided to get the Kiwi Crate - craft projects delivered to your door each month. We have received two months and the kids have loved them! Both boxes come with enough supplies for both kids (an option we added on) and each box has two projects. Last months theme was "Family Game Night' with a board game, they colored and put together (we weren't very good at playing, but had fun creating!) The second was ring toss- That was a BIG winner! This month is "Playful Pets". Create a "pompom" pet (they loved this) then build a playground for it - we haven't done this part yet. So far the projects have needed a lot of parent help, (cutting, gluing or taping things together so that they stay and work) but I love helping and watching them be creative! And they LOVE doing the projects, too!
It's a little expensive upfront, but we used Christmas gift money to help pay for it and love that we don't have to hunt around the house or at a store for all the pieces needed to do the crafts.