I put together this little gift pouch from a tutorial I found online. Warning: it's very small. The tute states to cut a square 8 1/2 inches. I made mine 10 inches, and it was still just barely large enough for the small gift I put in it. If you want to make it, adjust the size of the starting square accordingly.
This went together in less than an hour. I thought I'd share. It's a good way to use scraps and make a gift even more special. I think I'd use ribbon for the tie in the future, but I didn't have a piece long enough. The tute calls for crochet thread, which is what I used.
You can find the link at: