Here is another link for some creative valentine's day crafts and cards. This site has lots of great cut-outs and templates, especially suited for little ones. One craft we just completed that is not listed involved painting small jewelry type boxes to be given out to the grandparents. The cost per item was about .75 cents and my daughter had so much fun personally painting and decorating each item. We already had the paint and glue so this was a relatively cheap gift!  (oh I forgot to state that some of the tips on the Enchanted Learning site require that you subsribe to the site....but many of them are available for everyone to read!)