There was a lot of things that we had put off replacing while in school. We had some money now so we put it to good use. The first totally useless thing we bought was a new TV. We didn't have some since we moved to Oregon. I really didn't want to watch TV but I needed to replace the broken monitor we had. I admit the 47" TV we bought was overkill but it ended up being the cheapest one for the day after Thanksgiving sale that we got it from. We also got a stereo to handle the sound and it was a pain to run all the wires.
L. wanted to make our apartment look like it was not just some college apartment anymore so we replaced our couches, lamps, curtains, and bookcases with stuff that all matched.
As far as presents to each other Santa got us a Roomba to try to handle the vacuuming with how busy we were. It's funny the presents we got each other were little because of those big ones. L. got me some books and CD's and I got her a coat. All three of us got little remote control helicopters from Santa that seemed to be a hit with everyone even though no one could not fly them straight.
I felt really weird spending so much money but we had money saved in the bank. We had paid off all our debt besides the student loans and we setup the highest payment for those. I guess we saw it as a really good reward for us both finishing school.