ok so I googled and came up with 1952movie titled O'Henryy's Full House...the story about the newly weds is The Gift of Magi...and here is a brief overview....
This quintet of classic O. Henry short stories is well cast and lavishly produced by some of the period's best directors. One piece follows a vagrant's (Laughton) unsuccessful attempts (including harassing Monroe) to get arrested and spend the cold winter months in a warm jail cell. Adaptations of "The Ransom of Red Chief," in which kidnappers Allen and Levant have their hands full with a bratty captive, and "The Gift of the Magi," with poor newlyweds Granger and Crain offering sacrificial gifts, are also standouts. (narrator).
I wonder if its still around...Reminds me of a movie of a couple of Sommerset Maughams stories I saw when I was about 7years old at xmas...probably in the same format.