Heart Sachet. 5 sachets from one ball of Koigu with this pattern by Vickey Sever. That could be 5 very nice gifts and as I detailed in my FO post on it last month you could easily substitute other yarns for different effects or make them from something in your stash. Meanwhile mini mitered squares knitted onto each other requires minimal assembly while giving a grand old knitting time - I worked on these over three weeks. Great value all around.
In terms of frugal knitting ahead for me? I'm working on things I really need to make up a winter wardrobe for myself. This has me using money from my clothing budget at the LYS and getting rid of the "line item" in the budget formerly dedicated to yarn for its own sake.
I'm also exploring the great value in making vests - less yarn required but still adding warmth without second sleeve syndrome to worry about! How about these two patterns that won't even have me needing to buy much if any yarn...(to make them of course - I'm not going to stop buying yarn altogether for goodness sakes!)