Here is a great one to do now because you can get puzzles dirt cheap at yard sales.

Puzzle Pieces Frame
Several handfuls of miscellaneous puzzle pieces
Spray paint or craft paint
"Tacky" glue
Spray clear acrylic paint (optional)
Felt Hanging ribbon or magnet

Scrounge into the toy bin and make good use of old puzzles. Spray or brush paint both sides of your puzzle pieces. Arrange your puzzle pieces into frames. Carefully glue pieces together. (Spray frame with clear acrylic if paint is dull.) Glue photo to back of frame and cover with felt. Attach hanging ribbon under felt or magnet on felt.

source: Child Fun