The stockings may have been hung by the chimney with care, and all of your carefully chosen presents may have been perfectly wrapped, but when gift-opening time starts, you're sure to be left with a mound of paper. But don't throw it away! Here are some ways to make sure that the holiday paper doesn't go to waste this morning.

1. Ask a family member to gather all of the reusable paper, bows, ribbons, and boxes while the presents are being unwrapped. Stack these items in a neat pile, and then save them in a sturdy box, so they can be used again next year.
2. Save any packaging materials, such as packaging peanuts or foam, for mailing future packages. Alternately, you can take them to a packaging store.
3. Save paper for future projects, such as paper-making with children. You can also stock children's craft boxes with paper. You can iron the paper at a very low heat to get the wrinkles out.
4. Recycle any gift wrap that's too damaged to be reused.
5. Make sure to use recycled-content wrapping paper next holiday season!

Source [1]