My daughter won a scarf at a carnival last year and whipped up these scarves with some scraps around the house:

They make a quick and easy gift.  For reference, this scarf is 6″ x 76″ and is only made out of two colors.  The original scarf Annie won had three colors and she feels it’s a bit more sturdy.  The cheapest way to make this would be to buy 1/8 yard of fleece in three colors.  However, check the width of the fleece – most are about 58″ wide.  Compare that to scarves you currently own and see if it would work for you.  If not, you would need to buy two yards (72″) or 2 1/8 yards of three colors.  Lay the three strips on top of each other, sew one line down the middle and cut the fringe!