Go to the local thrift store for jean jackets and vests - you might have to wash them a few times to get the thrift store smell out, but they are usually only around $3-6 apiece. You can jazz 'em up and have fun wearing them or giving them as gifts.
Also, put a note on your local
www.freecycle.org
for fabrics or whatever things you are thinking about decorating and you may get freebies.
Make a wall hanging that looks like a star chart! Jazz up a holiday bow for the front door. If you have slim hips, decorate a cool men's tie from the 60's and use it for a sash-like belt.
I don't have the machines but I've done a lot with fabric glue and paint over the years as a way to hold the goodies onto things. I also have little jars full of the kind with points you push through the fabric - they don't stay on well without some glue, too. My son and his buds made decorated vests in cub scouts and we also used them for halloween costumes for all the kids that came over.