Homemade gifts are always meaningful and not as costly around the holidays, such as baking your own cookies. Volunteering your time or talent to help a friend also cuts costs.
You can bake cookies for people. Those make wonderful gifts when put in a nice tin. You can also do "cookies in a jar" mix. You can find recipes online.
Create a custom photo album for someone by calling friends or other family members to donote old pictures. Also, research the interet to insert other people/place photos.