We did potpourri bags with personalized ribbons and wine corks. I know party city does favors online for weddings and you can get them for around $1 a favor! I think cookies are a good option too, you can lump them in with the dessert budget.
I'm thinking of doing mini apple pies since i'm getting married in October. You could do Christmas ornaments in your wedding colors. You can get multi packs of them at Dollar tree, Family Dollar, Dollar Tree and even Walmart. You can glitter on your wedding date for memento for them
We arr having a vintage themed wedding in an historic, antique mansion. I love old junk, especially dolls. One of our favors will be distressed antique frozen Charlotte dolls from Germany (they worked out to about $2 each after shipping from Germany). I know some people dont like dolls, so we also have a candy/dessert bar with take home bags and I might do some antique skeleton keys, too.
I am also getting married in December! I haven't put a ton of thought into favors because I feel like for the most part they are a waste of money and get left. However I do like the ornament idea from an above comment! That could be really cute. Your safest bet though (and what we will likely go with if we do favors) is something edible! Cookies, candy, hot chocolate, etc are all good choices. People love you but honestly probably don't care to have memorandums of your wedding date. Everyone loves treats though!
We're doing a wand, because it's a HP themed wedding. We also have a candy bar with little take home baggies that people can help themselves to as a 'favor'. We were going to do ornaments that were themed after Rememberalls, but someone on another wedding site kinda ruined the idea for us by saying it was a stupid idea.
My friend got married last December and did ornaments as her favor! She did small wood circles with the state of TN tri-star on them (we live in TN). I accidentally left mine at the venue and was so upset because they were so cute!!! We're doing homemade strawberry jam in mason jars, personalized golf tees, and photo prints from the photo booth.
I'm getting married in December as well and I am doing wooden ornaments with "Love is patient" and the other parts of the Bible Verse on different ones. I think on the back I am going to put our initials with a heart around it and put our hashtag as well. I haven't started on them yet but here's an idea that I found on Pinterest:
I'm not sure how much of a DIY-er you are, but since you're getting married around Christmas you could make ornaments for everyone! If you are having a smaller wedding this wouldn't be as hard. Go to Hobby Lobby and get their big buckets of ornaments and you could write your name/wedding date on it!
We're doing personalized koozies. some other options is amazon how cute little boxes and you can buy personalized candies or mints! I've even seen coffee! I would try amazon or etsy - if you need some ideas check pintrest