Grandma's birthday is this week, and so the girls and I came up with this quick almost-handmade gift -- "personalized" knitting needles.
Use a pair of wooden knitting needles. Mask off the stick with painter's tape, and with water-based paint in the recipient's favorite color, paint the knob. Carefully peel off the tape fairly soon after painting, and let dry.
Use any paint you like, but I do recommend water-based as it is so much easier to clean up when kids are involved! The teal paint we used is a craft paint, and the blue is a Benjamin Moore sample pot.
You can also make a label to hold the needles. Cut a fairly long rectangle out of thick paper or cardstock. Make two holes side-by-side near one short end, large enough to hold the needles firmly but not so big that they slip right through. (I started the holes with an ice-pick, then used the needles themselves to make the holes bigger.) Make a corresponding set of holes at the other short end, and then slip the needles through the top set of holes from the front and the bottom set of holes from the back. Decorate the label as you like. You can crease the label to make it look more tidy.