I love to knit baby blankets for my children and grandchildren. They each have at least one. In the winter, when its easier to work with the yarn, I make extras, and put them up for auction on eBay or sell them outright on craigslist. The local children's charity in our area is happy to have blankets, caps and mittens for the underprivileged children that they serve.
I don't always have to pay for my knitting supplies. By using directv 4g clear bundles, I can search for wool and supplies that people want to get rid of and are sometimes willing to deliver, especially when creations are donated to the needy.
Baby blankets are the fastest to create, and I can make several a week. An afghan takes a lot longer and blankets to fit king-sized beds take several weeks to finish. The first king-sized blanket I made has lasted over ten years with numerous washes.
Using inexpensive yarns found in large skeins in large discount stores, I can make something that turns out just as nice and long lasting as with the more expensive, name-brand yarns. A blend of acrylics usually lasts longer and is much easier to work with and care for than a 100% wool, and nearly everyone is able to use it without any itching or other reaction. And no hand-washing with acrylics.