An old fingerless glove that you knit for your daughter, but she refuses to wear because it's acrylic and itchy, even though you warned her of that when she was begging for it at the yarn store (you have one of those, right?)
an old tin can
hot glue gun
something cute to put in it (I used my colored pencil collection)
Now I am not mad that my knitting went to waste, plus I've given life to an old can of coconut milk!