Family 'tradition'... Opinions?

I grew up under the rule that you only get (Christmas) presents if you deserve them. When we were little, if my brother and I weren't good, 'Santa' wouldn't bring us the presents we wanted. Then when we outgrew Santa, it carried on as like a family tradition. If we didn't deserve it, we wouldn't get it. It worked seeing as we didn't have much money after my parents divorced and buying/giving presents was a pretty big thing. I've always abided by it but now I don't know if it would be bad for me to follow the same thing with my kids, etc.? What are your opinions on this, is it wrong?