Homemade finger paints. I made these the other day, but we just used them today. They are probably meant to be used shortly after being made. And the 2 year old kept trying to eat the paint. Luckily, it's non-toxic, but still. Yuck.
Ornaments (I used 3 packs of 8), $3
Garland (Rope), $1
Large Ornament (to add some pizzazz!), $1
Glue gun and glue sticks, on hand
Bowl or circular shape to use as a guideline for the base or your tree