Are godfathers and godmothers obliged to give gifts to their godchildren?

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Hi everyone! I know Christmas is the season of giving and sharing. It is the time when we remember our loved ones, relatives, friends and godchildren. We give them gifts or tokens for them to remember us. But I think Christmas is mostly remembered by our godchildren. It is the time when they get to visit their godmothers/fathers and receive gifts from them. But as godmother/father, do you feel obliged to give gifts to your godchildren? What about those who can't afford it? Is it ok not to give gifts to our godchildren? Is it ok to give a small amount of money to our godchildren? I think its more cheaper if we give money instead of buying gifts cause everything is expensive nowadays. Economy is a bit down so its really hard to save money. I have lots of godchildren. Before I used to give everyone a gift but as years go by I have stopped giving most of them. Those who are now grown ups and those who don't really visit me unless its Christmas. What about you guys? Do you always give gifts to your godchildren? What do you prefer as a gift - money or item?