For a Wizard of Oz party, decorate cardboard cutouts of ruby slippers. Instant Party Favors Polaroids make great instant party favors, but sometimes the funnest take-home goodies are the ones kids make themselves. Before the party, put your own budding artist to work by asking him or her to draw outlines of things to color, using a black felt-tip pen or dark magic marker on white paper. Then photocopy the pictures and staple the pages together to make a unique coloring book. Add a small box of crayons and your gifts are good to go.
Kids can also decorate their own goody bags as an arts and crafts project.
Hand out paper shopping bags, along with construction paper, magazines, scissors, stickers, and glue sticks. Encourage them to make collages. Younger children can use pre-cut shapes or letters, if they can't handle scissors. To fill the bags, you can have them search for candy hidden around the house, or throw small candies like Hershey's kisses up in the air and watch them scoop up the treats in delight. An awards ceremony is a wonderful way to close the festivities.