Here is what I did for party favors for dd's birthday:
Gallery at Splitcoaststampers
There is a whole section in the Gallery for this type of thing. A woman named Genie came up with the "genie bag". It is just cardstock on the two big sides of the bag with a hole cut in the top. I used a coluzzle, some use punches.
They are really cute and so easy to personalize.
Here is the link to the section of the Gallery:
Kimberly Best Gallery at Splitcoaststampers