Paper Wreath - made from wall paper. Would be almost free to make as you could simply collect wallpaper samples in toning colours to make the 'leaves'. The only costs would be the glue, the base (unless you already had something) and the ribbon to hang it by!
MADE. Wallpaper gift bags. As even brown paper bags were going to eat 14% of my total budget I made my own gift bags from (liberated) wallpaper samples and whatever ribbon / cord I had lying around. I'm pretty chuffed with how the came out (took ages though). Cost per bag = £0.00