I used to do this to my girls' jeans after school let out. Great way to boost the summer wardrobe for next to nothing! Transform an old pair of jeans into adorable summer shorts using bias tape. Instructions on the site.
Sewing Secrets: DIY Trick Up My Sleeve Coin Purse Now that's what I'm talkin' 'bout! Quick, easy and costs next to NOTHING. Just take an old man's dress shirt, cut off the cuff, match up the button with the bottonhole and stitch closed.