1. Tape a piece of scrapbook paper around a glass vase to make it look $$$.
2. Paint an old bangle with nail polish to create a piece of jewelry worth drooling over.
3. While you have your glue out, attach two clothespins together to keep your earbuds tangle-free forevermore.
4. Recycle strips of magazine or paper bags into colorful bows.
The most challenging part of this is cutting your pieces of paper into straight lines. If you have a craft or X-Acto knife, go that route. Otherwise, after cutting the full page out of the magazine, fold it in half hot-dog style, then fold in half again, and again, and one last time, making sure your creases are sharp by running the handle of your scissors down each one. Then you have perfectly straight, sharp guides to help you cut straight.
Then, learn how to turn your strips of paper into bows here.