OK, cheap presents I've made: (mostly for adults)
Get v cheap terracotta pots and paints, do your child's handprints on it with the date for grandparents/dh. Give with a pack of seeds, or plant in it if you've got one.
Or give the same to be used for kitchen utensils, I have mashers and wooden spoons in mine
Make your own calendar. You have a computer, can you print photos from it? You can find calendar templates online, print out and put a different photo for each month. You can add family occasions too.
Get Ikea photo frames for £1 and put photos in. Or frame old photos from your childhood for sisters (my sister did this for me one year, I loved it)
Make a recipe book for someone. Get your favourite recipes and scan them (or type) into Word, then add comments, photos and print. Bind it if you can or laminate and put ina folder (if you have access to a laminator). Or make a recipe book THEY would love, i.e. easy childresn recipes for someone with a new baby
Make rum truffles, have a recipe somewhere, will post it in a minute. Petit four cases v cheap.
Make personalised olive oils, buy cheap pretty bottles, type up personalised labels, add olive oil and ingredients, so make hot oil (with chillis) or garlic, lemon and thyme etc
Make a personalised journey up for someone, so print off information about a place, write an itinerary, suggest things they'd like to visit, offer to come too and supply the picnic on the day.
For children, how old is ds? Charity shops are great for jigsaws for 50p and for books.