We had no money when our kids were very young. They got one simple present. I made Christmas decorations from leftover scrap material. I got a beautiful stained glass angel at a craft fair where I traded silver jewellery for the decoration. Hubby got the tree from the power line cut at the airport where he worked. It was perfectly formed, but short. We emphasized the shape, not the height.
Fast forward a few years. I was working, the extended family was doing well. One year, there was not enough room to put all the presents under the tree! It really was appalling! We never let that happen again. We gave quality, necessary presents - you know underwear and socks!! Now at the grandchildren's house, and history is repeating itself. Well, at least there is some colouring with adults and children, doing 1000 word jigsaw puzzles, and sledding down the hill across the street on simple sleds!
As for the woman in the story, maybe some big ticket items, and some stocking stuffers? I wonder how much she gave to the poor? That was always something we did, once we were able to give. Our society has lost the true meaning of Christmas.