This Christmas, I handmade a few gifts. This was an apron I made from some fabric I bought on clearance after Christmas one year for $1/yard. (It literally cost less than a dollar, b/c I used less then a yard!) Despite the fact it took a couple hours, I loved the way it turned out. I also added a fabric rose to the side by the chest, but didn't get a photo taken after the add. (Here's a tutorial to make a VERY easy fabric rosette: http://www.craftaholicsanonymous.net/2011/07/fabric-rosettes-tutorial.html)
For teachers this year, I busted out those pears & peaches that I canned last fall. My in-laws brought tons back from the West Coast. They are SUPER yummy and a delicacy in our house; however really a great frugal gift for us! Just the cost of the mason jar & I added some of that same Christmas fabric. I also purchased some reusable shopping bags with the phrase "#1 Teacher" in the fall for 25 cents each. Each bag held a jar of pears & a jar of peaches. :) (Total cost per gift about $1.25 plus fruit)
Lastly, I made these photo coasters. They are made from tiles (cost 11 cents each), felt, photographs, & modge podge. Such a simple, yet fun gift. The total cost of the craft was $1.16!! (Plus ribbon & modge podge which I just had on hand.)