Some ideas for teacher gifts and other gifts that are easy and inexpensive can be made with scrapbook paper. There are many different colors and themes of paper available. At some craft stores you can get a pad of about 180 pages for $20 and sometimes they have them marked down or have coupons for 40% - 50% off making them about $10 for 180 sheets. Some projects can be done by decoupaging with mod podge. I found a recipe for homemade mod-podge using glue and water.
Some ideas I have found online are for post it note holders, coasters and necklaces.
You can also use scrapbook paper to make wall art, frames and mini clipboards