Hello there Hope! I'll try to answer your question and I hope it helps you out!
Firstly there are so many things you can all do together that are fun, simple and thrifty! Plus if you want you can make gifts together so that after you're done making them you can give them out together and learn/teach the true spirit of giving!
For example you could (under adult or knowledgeable teen supervision) make a favorite cookie sample platter together! Eat some and send some for the holidays. You can have the little ones help get out the ingredients teach them simple math with the measures and have them stir and decorate after they're baked!
Or you could try making something like a simple lip gloss, I have a hub for a more complex version, but a simple one for the little ones involves Kool-aid! Just 2 tablespoons of veggie shortening and a packet of Kool-aid (for color and taste) a few drops of agave nectar and microwave it until it's hot. (you may want to supervise that part) then stir and apply when cool! You can decorate the tins or little plastic containers you want to put it in, that way you can all look and feel pretty, while you're giving a special homemade gift!
One of the things I did when I was a kid (and there were a lot of kids in my house) was a gingerbread house! We all looked forward to making the pretty yummy confection, though it never lasted until Christmas day, it was a fun project for all of us to enjoy together. There are kits you can get or you can gather all your items from a grocery store and make it from scratch!
Whatever you do I'm sure you'll have fun and make great memories doing it! If you have any other questions feel free to request a hub from me and I'll post one for you ASAP!
Have fun Making!