Instead of remaking cheap crackers with better "gifts" you can of course buy cracker making kits. DH did that one year and put in gorgeous gifts carefully chosen for each recipient, gold or pearl studs for the DDs, silk tie for BIL, superior smellies for his sisters and rather racy silk French knickers for me.
He spent an absolute fortune but somehow nobody seemed to realise the effort he had made so I would never ever let him do it again!
We actually prefer the cheapest tackiest cracker gifts anyway.
Save money?
1) hibernate
2) convert to Judaism/Jehovah's Witnesses
Or, my best ploy of all, but not necessarily recommended:
When DH was very seriously ill all through December one year and still in hospital over Christmas, I "moved" our festivities to 6 January. I had had no time to write or send cards as I was going to London on a daily basis, I didn't buy a tree or decorate the house and frankly wasn't in the mood anyway. So we kept our Orthodox Christmas 2weeks late.
The food for the meal was all reduced, I bought presents in a single sweep at the sales, it was too late to do a tree or decs and actually it didn't half brighten up January!