This will be a running list, so keep checking back to see what tips have been added.

1.  When wrapping gifts, think outside the (gift) box.  Have some old scraps of material in a Christmas-y pattern?  Wrap it up like a hobo bag.  Or maybe some brown paper?  Use markers or stamps and paint to decorate the paper before wrapping.  This activity could be used to keep kids entertained (with supervision, of course).  Let dry thoroughly!  Use what you have on hand for unusual packages.  It'll keep 'em guessing.

2.  If planning a party or casual get-together, go potluck!  That way you don't have to cook all the dishes (maybe just the main course), it doesn't cost much, and guests take their dishes back to their house to do!

3.  Back in the old days ("the old days depends on which generation you're in!) people used to make Christmas decorations themselves because money was scarce.  Have some popsicle sticks?  Make stars or snow flakes with some glue and glitter.  You can also make snowflakes with folded paper and scissors.  Just fold the paper and cut out what doesn't look like a snowflake!  I like to have a small get-together with friends and their kids and make Christmas tree ornaments.  Again, use what you have on hand and be creative!  The kids love it and they will remember them for years to come!