We get sent some really pretty catalogues such as Toast, Abel and Cole, and Howies. You know - those catalogues with the thick matt paper that smell great. It seems a shame to just put them out with the recycling so I hit upon the idea of making their pages into gift tags.
A while ago I bought myself a little early Christmas gift of a tag punch from Ebay. But you don't have to have one of these.
You could just cut out the pictures you want to use like this. Where the back or front was too dark to write on I backed it with lighter paper. A normal office hole punch is useful for making the hole for the string.
Looks pretty good I think!
You can have infinite variety depending on what catalogues you have to hand. These ones are all from a Howies Winter 07 catalogue that I found at the back of my nightstand when I was having a tidy.