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I have a large collection of hole punches- some have handles like scissors- others are the button type. With all the junk mail paper I have collected in so many different colors, textures, and variety I am in luck!
Use decorative paper punches to make regular paper lunch bags into one of a kind favor/treat bags. If they are for a child's party have him or her decorate the bags with markers, etc., to make them even more special!
Invest in several deco hole punches and keep some of your nicer junk mail that is a pretty color or nice texture. When the grandkids or neighbor kids come over, put them to work "helping".