I save the comics that come in the Sunday paper and wrap gifts in them. Colorful, creative and often holiday themed. Then it can still be recycled after use.

I Modge Podge wrapping paper onto notebooks and create journals out of them. Tissue paper can be made into Flowers for a backdrop or just to spruce your place up.

Cut wrapping paper into long strips, about 1" wide. Using scissors, carefully curl (like you would with ribbon) each strip, assemble, and voila: matching - or contrasting - bow. Here's one tutorial:
http://jswfield.blogspot.com/2011/03/wrapping-paper-bows.html
Do an internet search for wrapping paper bows for more examples and instructions.

I start with wrapping the largest (in size) gift and work my way down. The leftover scraps from larger gifts are saved to be used for the smaller gifts. I use a gift box to store any leftover scraps for the next year.

This year we got some Christmas flannel sheets and they were inside a drawstring bag of the same print. I used it to wrap a gift and it was perfect. I plan to use it every Christmas.