It seems that when my children were younger and excited about Christmas approaching, they would want to make presents for everyone. Since they had no visible means of income, they were always at a loss once mom said she could/would not hand over bundles of cash for them to go shopping!
We always, however, have a habit or tradition of packing away the Christmas cards we receive with the decorations at the end of Christmas. Turns out it was a good idea in more ways than one. I could sit the children down with the pretty cards and all the items they would need to make bookmarks. With a little help from the presiding parent, they could 
make gifts for friends and families.
Bookmarks
lightweight cardboard 
sequins, lace scraps, ribbon bits, etc.
marker pens 
last year's Christmas cards, Holy Cards
glue 
clear contact paper 
yarn pieces 
hole punch 
scissors 
(some adult supervision!)
Cut out cardboard approximately two by six inches. Decorate each bookmark with the sequins, lace or ribbon bits. Or, you could combine them with a cut out from a Christmas card. Use the markers to enhance your designs or put on a message.
Cover the decorated paper with the contact paper Put a hole with the hole punch at the top and in the middle of the bookmark Tie yarn through the hole to form a tassel