It's a bit late, but my "homemade" gifts are blankets. My family got them the last two years and this year I'm making them for my BOs and their kids. The weekend after Thanksgiving, Joann Fabrics has their blizzard fleece for $3 (versus $11-13 at regular price), which drops the price of an average blanket from around $45 to around $15. I have to make 10 this year between my BOs and other friends who are getting them. I know when I got the first portion of my fleece on Black Friday, I saved over $275 on the fleece.
I also just bought remnants from Joann's and Walmart and just finished making 27 fleece and rice bit warmers for all of the boarders, per my BO's request after I showed her that I made one out of some extra fleece. They turned out great.