How about a fleece blanket? Trim to even up the edges, "hem" on the sewing machine or serger -- and you're done. And since the girls are small, about 1 1/2 yds. should be plenty big. WalMart has some really "girly" stuff (Hannah Montana, High School Musical, Disney princesses, etc.) for $7.+ a yard.
For the younger one, make a tote and fill with stuff from the dollar store like books, coloring books, crayons, etc. In the older one's tote, you can find other "grown up" girlie stuff at the dollar store, too -- chap stick, bubble bath, etc. :wink: :wink:
Have fun!!