Christmas Eve
A holiday before Christmas where you have to sleep at Christmas Eve night, and your parents will buy stuff for you at midnight, not Santa. If you hear your parent(s) say "Santa's watching you," your parent is apparently saying that they will put video surveillance cameras in your room to watch every move you make since Santa isn't real. If you masturbate, you will get presents.
Parent: Santa's watching you. Go sleep at Christmas Eve or he won't give you presents.
Me: Nah, I think that phrase is for little kids.
Parent: well fuck you go give me a rim job