I was wondering if anybody had any ideas of what I could make for very little $$$$ and very little time as holiday gifts for my teenage friends. Lace is good, small stuff is good, and it MUST MUST MUST use natural fibers for softness.
Amigurumi, for sure. I'm making penguins for my (19 and 21 y.o.) roommates. You can use any fiber you like; I ordered Wool of the Andes in Black, White, and Caution (a darker yellow than just yellow). Still waiting for my yarn to arrive, but they should crochet (or knit) up very quickly.
Ipod covers, cell phone covers - can be lace, can be felted, you can even add embroidery or beads if you're inclined that way. Also, it's easy to make a guitar strap, either felted or just tightly knitted.
You mentioned you liked lace, I am knitting springtime bandit - a free ravelry download. It is a small, triangular lace shawl. It is a quick knit, easy to follow. I adjusted and used a skein of KP shimmer and size 9 needles and it is really turning out nicely. I know there are several other small shawl patterns that use oneskein of sock yarn on ravelry.
I have been making soap sacks and will add a nice bar of soap to go along with it. They knit up fast, I use cotton yarn. I also made some spa sets by adding a washcloth and backscrubber but just the soap sacks would be wonderful gifts, I am making some for my 2 teenage granddaughters. Hope this helps.