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Related:
Homemade Wrapping Paper
I almost never make my own tags anymore because pretty store-bought ones are so cheap nowadays, but I made most of my own when I was growing up and for the first thirty years of my marriage. I made them from scraps of matching gift wrap, or harmonizing gift wrap, or greeting cards, or even the shiny lining of greeting card envelopes. I was very proud of the skills I had developed for reusing materials for creative gift wrapping - and it's nice to know I have those skills today in case I run out of tags or need something extra-special!
I have always taken my Xmas cards from the years before and cut them to make name tags for my gifts at Xmas. It has worked very well. You can fold it in half and write on the inside or just cut around the design and write on the front. Then use a paper punch to make a hole and attach to the gift with a ribbon. You'll always have plenty on hand.