I feel the same way! I have been stressing so much about it. My husband has been real comforting trying to make me feel better. But I told my family I was only going to be able to buy a few gifts for my son, my little brother who is 10 and my husband's sister who is 5. And my husband told them when income tax time came we would buy for our parents and older siblings. But I feel the same way. I wanted to be able to buy for everyone this year and we just cant. We are saving money too. I am 26 weeks with twin girls!
People are expecting you to buy them gifts? I think you're doing the responsible thing and saving money for when baby comes. There are tons of things you could do that are free. For example, you could sit down and write each of the people expecting gifts a letter telling them what they mean to you. It may be sappy, but sometimes the thoughtful things mean more. Or you could spend a little bit and get stuff to make Christmas cookies or candies and give everyone that.
If it were me and people were expecting gifts, I'd be annoyed. Saving money while pregnant is smart plus that's not the whole point of Christmas. Regardless of what you believe, it should be more about time spent with family, so as long as you're making an effort to be there for your family stuff, I say (politely) screw the rest.
I wouldn't stress you have a lil one on the way they will understand