1) First, find a gift. I gave my bridal entourage some Swarovski stud earrings (make sure they are nickel-free and hypo-allergenic) that they can wear for the wedding or, everyday. Gifts doesn't have to be expensive, you can always check Groupon for deals.
2) Be creative with the packaging. I found this DIY (it is in French so thank God my fiancé knows the language) and tweaked it a bit and made my own. I did some simple editing with my computer (thank God, I have a Bachelor's Degree that is computer-related) and believe me, I did some trial and error with sizing and even the folding and cutting aspect. It is not the easiest but do not give up, once you get the hang of it, you'll achieve it quicker than you thought.
***The key ingredient is the adhesive dot roller which you can buy at Staples (it saved my crafting life for only $6.92). And Card Stock, always have that thing in your craft drawer! ***
3) For the pouch and the chalkboard heart, I didn't make them unfortunately but spent less than a fortune on them at Dollarama (I'm sure you can always find something at a craft store near you, if you don't have Dollarama). The earrings didn't come with packing so I also purchased those transparent containers from the same store.
THERE YOU GO!
It is up to you if you want to spend a lot of cash for your Bridesmaids' gifts.
But for me, I think they appreciated the effort that was put into it more than anything.