Don't feel guilty. I am not doing "parent" gifts by plan - haven't for several years. There are too many divorced, separated, remarried situations to deal with and I felt it put everyone - child included - in an uncomfortable position. My job is not to stoke the parent's ego. I do some general crafts with the kids and spend a bit more on supplies to make them fancy - a lot are decorations they can hang. I usually put their picture on one of them at some point - often just a face on an elf they coloured or something similar.

I make something for the kids and usually buy them a couple books - have access to scholastic book orders to pick from. This year they are getting crochet snowmen handpuppets and the book of Frosty the Snowman. Same thing for all of them.

If you do want to do a craft why not plan it for next week. A lot of stuff is going on sale now and you should be able to get things really cheaply. I made a couple things for a craft sale donation and jut got a wreath from the dollar store and a swag of poinsettias and cut them off and glued in place, added a bow and couple ornaments - also from dollarstore. Looked really nice actually. You could do it with the kids by giving them all the supplies and letting them decide where to put stuff and then you put a gob of hot glue there and they put items in place.