I stopped to visit a friend of mine today. She is pregnant, has a 13 month old and watches another girl's 14 month old. She also has a full-size fully decorated Christmas tree in her living room. She is very good with the kids and very good at keeping her munchkins and her tree safe.
I, at the same age, was much lazier.
I was married, had a 2 year old, a 5 year old, 2 stepsons, 4 inside dogs, 2600 square feet of white wool carpet in an old constantly renovated farmhouse with 11 interior sliding glass doors.
The first year that we were in the house, I combined the following three items:



Yep, I put the tree in the playpen and decorated the playpen with garland. It worked excellently well! The tree and the presents were corralled and I did not have to spend the whole holiday yelling. (I was a yeller!)
The next year, we put the tree in the formal living room - the one with the fireplace and the cathedral ceiling.
We hung it upside down.
Still safe from kids and dogs - but no safe place for the gifts!

