For our second and maybe even our third year, we aren't giving kids gifts. No money, plain and simple. They all get a large portion of their college tuition paid for by us and then I don't see the point in additional gifts. They understand.
No gifts exchange for hubby and me either. Thankfully, we don't do a lot with extended family so that is a relief. We might do the $5 gift stealing Christmas game but the kids buy their own $5 gift for that. I have one party for work that looks like a $10-15 gift (it never was this high before! Ouch!). I probably will stay at the low end. Sometimes people give old, used, and even broken stuff so I'm not inclined to spend $15 and get something broken to take home and put in the garbage.
Alice