My favorite crafting tool is this tag punch I bought a little while ago. I used it to punch out tags from old Christmas cards so I could use them for Christmas gifts next year.
I've also punched tags out of scrapbook paper, paint swatches and old book pages! Here I have used some of my tags for some mini sketchbooks I had lying around.
I also created a tag for our spare house key that I gave to my parents for emergencies.