We do the Dave Ramsey thing.
And Christmas and birthdays don't sneak up on us.
We don't go overboard on gifts and the amount we set aside is on the small side, so I do my best to make the money go as far as possible.
I don't like to spend that money on wrapping paper. Occasionally I'll buy a pack of Christmas paper for the next year during the after-Christmas clearance sale for $1-2.
For birthdays and the rest of the year, I usually resort to Kraft paper (that brown paper by the packing/shipping supplies) and ribbons. And not ribbon on rolls, where you get maybe 9 feet for $1. I use the package of ribbon "scraps" from Hobby Lobby, usually bought when that department has it's 50% off sale for only a couple dollars.
I've recently found another option that's completely free. (Well, we sort of pay for it initially.) At work, sometimes our large printer or copier for house plans malfunctions, and the copies are pretty much useless. So I take home the large pieces of paper, tape it down on our dining room table, and let Henry go to town with the colors or markers.
And then I save them and use it for wrapping paper.
(Although I'm usually not that organized. I usually pull out a piece 5 minutes before I need to wrap a present and expect Henry to be creative. There have been times where he made about two lines with one color and was done, but then you just throw on a ribbon.)
Custom wrapping paper made just for the recipient.
What are your cheap wrapping ideas?