Cute, easy, and inexpensive gifts I've made are scarves or small fleece blankets. You can purchase remnants of polar fleece at any store that sells fabric. There are a lot of patterns for kids and adults alike.
If you're making a scarf, just cut the fabric to the width and length you want, then "fringe" the ends. If you cut the fringes close togtether and a little longer, you can pull on each piece and make it "curl" like curling ribbon does on a present. When the curl loosens, just pull it again.
For a blanket, I've had two pieces of fleece cut to the same size, then fringed all of the edges, tying them into square knots to keep the pieces together. You'll need to cut a small square out of each corner to be able to make all of the ties. I've used pinking shears to give the fringes a little more character, but regular scissors would do the trick, too.
I've also purchased a cute "Thank You" rubber stamp, ink, and some sheets of fun paper to make stationery. There are all kinds of sayings for stamps, so you wouldn't have to use that particular sentiment.