We've always kept things very small -- generally only close family celebrating. Homemade cake -- can't believe how much bakeries charge! My husband and I don't always give each other a gift -- it just depends on whether there's something we need around the birthday time or not. I've never been the kind to want fancy gifts so I'm happy with some glasses or a pan or even just a vegetable peeler, if it's something I need. As for my son, ever since his first birthday we've given him a single gift. On his first birthday this was just a box of 8 crayons, very affordable! As we've gotten out of debt and become more comfortable, we spend a little more -- but it's still just a single gift. (Same thing at the holidays. It keeps us all appreciative of what we have, I think!)
We don't do Chuck E Cheese/Zap Zone/bowling kind of parties with lots of kids, but rather let my son invite a close friend to our family celebration.
I don't spend any money on gift wrap. I save gift bags (even the tissue inside!). One wonderful thing I've found to re-use for gift wrap is balloons -- if you get the mylar balloons as a gift, save them when they run out of air. Cut in half, along the seam, and you have wonderful gift-wrap! If you don't like the outside decoration or wording, you can always turn it around and use the silver side out. Save the ribbon too!
And BB, did I read on another thread that you have a special day coming up? Happy Birthday!