i went a little nuts bout 3 years ago, and bought tons of wrapping paper for something like 25 cents a roll-----i have so much, that i could wrap all of my neighobrs gifts as well!
large pieces that look nice get saved, gift bags get used and reused (until it leaves my house for a gift that is, otherwise, ill use them until they fall apart)
i use comics for bday gifts for everyone, savign those too, ifthey arent all mangled, and will use again if i can
shoeboxes covered in nice paper (or glued on candy wrappers, liek starbrust wrappers) get used an used and used (too bad all of my shoeboxes currently are being used for storage right now)
magazine pages, childrens artwork (large pieces) fabric on occasion