I'm a former teacher and really loved some of my homemade gifts that students made me. Especially some of the Christmas ornaments. Now that I'm not teaching (miss it dearly) I love taking out the ornaments and remembering all my former students and telling my kids about them.
Now that my son is in pre school I try to make one homemade gift and then I give a gift card somewhere too. Last year I made them a bundle of homemade note cards and put them in one of those craft pails with a candle. They loved it! This year I got these paper mache snowmen buckets and I'm making snowman soup to put in it. Snowmen soup is packets of hot chocolate, marshmellow, hershey kisses, and a candy cane. It has a cute poem to go with it. I got it from another post here. Let me know if you want it.