Aha, no panic (really!) in our household. I've bought all the five presents I'm giving this year (one to DH, 3 to DD and one for them to share) and I've told Santa's little helper that all I need is peace and quiet!
DD doesn't buy the Santa thing anymore, a couple of weeks ago she asked me "mom, is there really a Santa?". I asked her what she thought and she let out a big sigh and said "mom, I'm afraid there's no real Santa". I confirmed her fears but she didn't really break down or anything, she just wanted to know if things go on as before. She gets to wish for one "big" present which Santa brings, or from now on, mommy and daddy buy, and all the rest comes from relatives. She gets averages at about 7 presents a year. And her big present this year is the silly little battery operated dog, Doggy. I'm not sure how our cat will feel about it!
But, I'm almost ready to face the holidays, need to stock up on candy and coffee and maybe go rent a few movies!