Additional benefits are the leftover bits and pieces -- the oddballs. With oddballs comes the status of creating a personal piece, tied to the gifts given that year; a piece that can be worn by the maker.
This year I'm making an Idiot Shawl which in a couple of years will be joined to next year's idiot shawl to make an afghan.

The idiot shawl is based on the idiot washcloth pattern. The only difference between the shawl and a washcloth is that you never decrease when knitting the shawl. You will increase until you get a shawl the size you want or you get to the last odd ball.
Pattern:
1. Cast on 4 stitches
2. Knit 2, increase by knitting in the front and back of the 3rd stitch, Knit stitch 4.
3. Knit 2, Yarn Over, Knit to the end of the row.
4. Repeat Row #3 until the shawl is as wide as you would like, or get to your last odd ball.
5. Knit 2, Yarn Over, *K1, K2tog, YO*, repeating between * * until you get towards the end, finishing the row with a YO, K2. Fudge if necessary.
6. & 7. Knit.
8. Bind off loosely, weave in ends.
Note here -- I join the balls together using Russian Join . It gives you a little time to decide if the colors you're putting together actually belong side by side. Alternately, you can overlap the old and the new yarns and knit with both for a a few stitches before dropping the old yarn and continuing on with the new.
Have a very happy New Year and see you soon!
P.S.: I've been watching Lone Ranger re-runs while working on this blog post and the episode plaing now keeps mentioning a little western town called Colby. Colby, Wisconsin is the birthplace of Colby cheese and I have a sudden, uncontrollable urge to run out and buy some ... and some fudge of course ... and maybe some pears. Happy Happy!
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