After buying a new item, I take a second look to see if there are characters on another tag as I'm removing price tags. If it is a Dora shirt or Princess shoes (not that we buy these that often and on sale when we do), they often come with a bonus. The tags are usually made of cardstock with a cute picture. How can you let that go to waste? With a quick lamination they become a lasting treasure. Well, as lasting as anything is in the hands of a toddler.
I typically laminate or use clear contact paper and place magnetic tape on the back. I put them on the refrigerator for my daughter to play with. She may bend them or they might get lost. But that's okay -- it cost me hardly anything to make. I also do this with magazine pictures. I rotate the magnets for variety.