By all means have a very wee Christmas, but don't re-wrap presents. I'd never do that, as it seems mean-spirited. But there are endless ways to rein in Christmas and some of the happiest in my life were when we had very little as a family. It was easy to scale back Christmas dinner and to provide gifts for the kids only. Many times we home-made gifts and went out foraging for holly etc., as decorations and I'd bake and the kids would help in all the endeavours. One Christmas eve when money was tight, we went out on a hedgehog hunt on a frosty night and actually found one. We came home afterwards and all had hot chocolate and cake, and though my 'kids' are now middle-aged, they remember that year with great love and affection. So I'd say.... be creative!