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Parenting
Santa/Christmas...Older kids
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Re: Santa/Christmas...Older kids
Our oldest DS was around 11 when he figured out the whole Santa thing.
I would certainly NOT tell your DS that Santa does not exist due to financial troubles. Things have been tight for us the last several Christmasses with all the kids we are buying for & the terrible economy. We just had to stretch our dollar a bit more & scale back on over-all presents. It's better for your DS to get less presents than to tell him about Santa, IMO.
Never tell your child you are having financial issues b/c it will make them worry about their stability. Suzie Orman has a lot of very interesting things to say about how your earliest knowledge of money shapes you. "They" usually say that when telling kids that you will buy something to explain that you choose to spend money on something else, budgeting.
I do not think it is horrible to start explaining the magic of Christmas to a 10yo though but if you really think he believes then let him believe for one more year. As for cutting back, choose what you can afford and buy him a few less expensive things that he would really like. Maybe you can do something nice for someone else whether that means volunteering, making homemade gifts etc. How about having him bake cookies for people and making him a no-sew fleece with his favorite team or something on it?