Here's how cheap I am: I don't believe in getting babies/toddlers a lot of gifts, because they (1) already have a lot of stuff and (2) won't remember what you did or didn't give them for Christmas when they were one year old.
However, we still wanted to do something for Josephine, although to be honest, it was more so we could have the enjoyment of watching her open a present. :)
We found a cute Duplo train set on Amazon, and I also sewed this elephant toy for her.
I found the pattern here.
The only thing I would change was the part you leave open for stuffing. The pattern has you leave open the top of the back, but I'm not very good at discreet hand-sewing, so the back of the elephant is all puckered.
But still cute!
Love and Buttons,