My kids love to be able to wrap their friends b-day presents, but me being the control freak that I am, I prefer the presents not to look like a young-un wrapped them. So, I let them decorate them instead. Awhile ago I bought a huge thing of packing paper at Lowe's to wrap my grandma's china for moving. We ended up using a lot more bubble wrap than paper, so I kept it as cheap wrapping paper. The paper is pretty think and easy to work with. My kids decorate their presents, and I don't have to buy and store wrapping paper or a card!! Win, Win!!
When I worked at the local newspaper you could buy the end rolls (or middle of the gigantic paper rolls that the newsprint comes on) fr only $3 for a ton of blank newsprint. The downsides of using it for wrapping paper is you have to makes a lot of passes around a preset ad it's easier to tear - plus they are heavy and awkward to store. But it's great for art paper! See if your local paper offers this! Those rolls can last a whole childhood ...maybe :)