Yes, it took me until the Saturday before Christmas to finish up, and yes, I spent way more than I budgeted on gifts. But the sense of relief and accomplishment that comes with knowing that "I'm done" is well worth it.
I still experience Christmas gift angst; that will probably never go away. I just try not to worry about it that much. Make a reasonable effort to give people the things that they ask for, and hold onto your receipts just in case. I've come to find that, either way, your friends and family will generally appreciate it.
After all, it's Christmas.