So sorry to hear you are overwhelmed. This time of year can really get to a lot of us, because of the expectations we put on ourselves based on what everyone else tells us we are supposed to do & the measure of success we need to meet.
Last year, I was facing the end of my career before going back to school, so the hubby & I were looking to see where we could seriously scale back, especially on gifts. We hit the jackpot while travelling, & got a big bag of pecans, travel-size bottles of bourbon, & I then printed out fancy a recipe for a Pecan-Bourbon cake, which I gave with the bottles & portions of nuts.
You & your husband should first make sure that your family is taken care of. Now, & going forward. If buying gifts for everyone will tax your resources & put you in an unsafe financial situation going forward, then don't do it!!
As an idea of how to do this, without making people feel like you are "grinching out" on them:
Spend $50 on baking supplies & give everyone home made cakes & cookies. Have the kids help you & take photos while doing it (actual baking photos, & maybe a few staged ones with funny shots of flour all over your faces). Then, put them in some pretty boxes or bags, & hand write a card, with copies of the photos.
Buy some art supplies (no, you DON'T need to be Martha Stewart & blow your budget, as it is so easy to do!) & have your kids make home-made ornaments. Give them some ideas, & then let them be creative. Gifts from the heart.
For me, this year I'm actually sending out handwritten cards to people, and I just finished a home-photo shoot with the dogs in Holiday themed props, that I'll pop into the cards. That & some home-baked chocolate chip cookies should satisfy my classmates! As for family, we discussed & decided adults over 16 would be doing a gift exchange - 1 name each, $20-25 spending. This is our 3rd year doing this, & everyone loves it!
This way, you can continue to keep the "reason for the season" which for most of us is to share of ourselves with family & friends. So, don't stress. Do what you can, & find one thing each day to do with your family to celebrate what's in your heart.
Another thing to consider (depending on a family meeting & everyone agreeing) is to celebrate 1/2 birthdays. The actual birthday is a simple dinner/cake with immediate family & maybe 1 or 2 best friends. Then, in May/June, a party with friends. Better weather, & not so much stress for planning... plus, people would be more likely to be avialble to participate, & not so busy themselves.
Here's hoping you are feeling better soon... Maybe it's time to put your kids to work celebrating the season with peppermint-flavoured hot coccoa in bed to help you out!! (Don't forget to spike it before drinking hehehe) T.