The HSBA Post has a post by Bon called "Christmas on a Budget of $0."
Bon's solution for no-cost Christmas gifts? Re-gifting all kinds of things that somebody else could be using...and some of her old stored treasures.
I have done this too, especially with well-loved books. One year I gave each of the Squirrelings one (different) vintage copy of Pilgrim's Progress from my own collection. Some of my childhood books had the very-youthful signatures inside them of my own aunts and uncles; I've since passed those on to the children (or grandchildren) of the first owners.
Family treasures make great one-of-a-kind gifts, especially if they remind you of a loved relative, maybe someone you were named after or someone who shared your interests or talents. It's amazing...or maybe it isn't...that a great-great-uncle also loved music, or painting, or building things, or making people laugh.
You know the expression "for love nor money?" Those are the gifts that you can't buy with money--only love.