This idea came through our homeschool email loop. I'd heard of this before and thought I'd share it here.
"We give our kids 3 presents for Christmas just as the Wise Men gave Jesus. Frankincense was burned before worship, so the gift is something that pertains to how the kids spend their time with God (a new worship CD, bible, Focus on the Family magazine). Myrhh was an annointing oil so the gift is something to annoint their bodies (fancy soaps, sparkly lotion, bathrobe). Their gold gift is the gift they've really been wanting (special toy, CD player). You can take this even further and wrap the presents in special papers. The kids have enjoyed it, it sure helps mom's budget, and it passes the true story of Christmas in a hands-on way."