I like the old phrase "something you want, something you need, something to wear, and something to read".
What does everyone else do about kid presents?!
We use the phrase "something you want, something to wear, something to read, and something to share."
Essentially this means that each child gets 3 items to open along with a joint gift.
We can be flexible with descriptions. Something to wear can be pjs, hoodie, slippers, towels with cool designs, belt, swim trunks with a certificate for lessons, etc. Something to read can be a book, a magazine subscription, gift certificate, or even brochures about an experience that will be coming up. Something you want can be dang near anything but my kids have lately gotten Pokemon cards, video games, board games, DVD, toys, Legos, iTunes cards, or organizers for their current shelves/toys.
Some years we recycle things that we have gotten as hand-me-downs from other families or books purchased at the Friends of the Library sale (cheap books for us and fundraiser for the library). We work to customize the items to be something that each kid wants/likes but most times is pretty inexpensive. My youngest was THRILLED to get a belt. He had been asking for one for over a year. My oldest was super excited to receive a free Lego Life magazine subscription that we wrapped up for him.
This year is an expensive year as we decided to get them a video game system to share. But next year we will expect a lighter budget as we can add on to existing items or buy a book in a favorite series that they want to read over and over.
Stockings are trinket items typically. Maybe a single booster pack of Pokemon cards, a couple granola bars (Christmas morning breakfast!), and goofy freebies that we've found throughout the year. This year they are getting logic puzzle books, pocket flashlight, and a tape measure.