I also give a book to the kids. I use Scholastic points to order a 3rd grade level chapter book (usually winter themed). I then buy large labels and print a holiday greeting with a colorful clip art image on it to insert in the front. Best part, was one year I had parents volunteer to be my "elves" -- they wrapped the books and even added the bow on the outside. All the books are the same so there is no arguing.
I figure the kids will "hopefully" read the book over break, too!
I use my bonus points to get each student (usually) 2 books and then I just put in a candy cane or pencil or something like that. Target has little goody bags that make the wrapping part easy! I've had several kids who've come back from break saying they loved reading the books over the break.
I put together a coupon book for my kids. I use Christmas die-cuts and then print labels for fun things like no shoes, chew gum, go to lunch early with a friend, no homework, read in the hallway, eat lunch with your teacher, choose a piece of candy, bring a snack and drink from home, etc. I put each label on a die-cut and then tie them together with a candy cane. My class absolutely loves them and BEST OF ALL it costs me nothing!!! My favorite part. I have also wrapped a Christmas book and given that to them with the coupons attached to the top. They love opening their wrapped gifts and I LOVE watching them. Hope this helps.
I will give them a book and pencil and I make a color crayon craft out of x-mas cookie sheets.
I get broken crayons (different colors) place them in the cookie sheet and melt it then have them cool off. My 5th graders loved it and used them to correct problems... That way I just don't throw the crayons away at the end of the year!