I'm not a crafter. Not because I think crafting is stupid, but because I suck. Until now. (Well, "not sucking" is subjective.)
I discovered Sculpey. (Obviously, this is not a sponsored post...) It's an oven-bake polyform clay.
I was at the craft store last weekend trying to find a recorder for my daughter (which, by the way are apparently only sold at Wal-Mart, dollar stores, and-for twice the price-pretensious dime stores). While I browsed the jewelery making supplies (a pipe dream of mine), I bought some time by letting my daughter pick out a packet of Sculpey III clay for her and sisters. I figured it would end up in the cupboard with all the other crafts-we-don't-get-around-to-doing but my girls are becoming quite persistent.
Holy $hit! This stuff is amazing. You can make beads, magnets, figurines, pendants, frames...there is even clay that turns into an eraser. Your kids can make their own erasers!
The clay itself is cheap, comes in 44 colors, and would make great personalized low-budget gifts, such as this one.