I made these darling Monogram Tote bags last year for my girlfriends for Christmas. It's relatively cheap, easy and so useful for your friends on the go. I've heard my girls using the tote for groceries, and for Sunny and Vicki for books, laptops, and as an overnight bag. My only issue is that unless you've got an awesome craft store (other than Michael's and Jo-ann's) nearby, you may have to order these "large" tote bags online.
I followed Ashley Ann's DIY Instructions here.
You know what I realize is one of the smallest, low cost (well in Essie's case, on the higher end), and most gratifying presents for a girl? A good bottle of nail polish. Drop a bottle of Essie nail polish from Essie's Cocktail Bling or Luxeffects line in your girlfriend's stocking this year. They won't be able to wait until Christmas to paint their nails. Ruthie delighted me with one in my gift bag for my birthday. Loved it!
I don't know about you girls, but I have an issue with organizing my jewelry, even after I've organized time and time again. My necklaces, earrings, bracelets and rings get strewn all throughout my home and vanity area. This Urban Outfitters jewelry tree is an awesome gift for any girl, and even better, it's vintage chic on it's own, or even as a hat rack. Sunny got me one two years ago, and It's dawned many uses and locations; from my vanity, to my dresser and now to decorate the top of my bookshelf. I love it!
Happy Gift Giving!