Short answer
A good inexpensive wedding favour is something edible, like a small bag of local sweets or a single homemade biscuit. Edible favours are affordable, easy to personalise, and guests almost always enjoy them. They also avoid the clutter of trinkets that get left behind.
When you are planning on a budget, edible favours are the most reliable choice. A small bag of fudge, a single chocolate, a shortbread heart, or a few wrapped sweets in a little cellophane bag looks thoughtful without costing much. You can buy in bulk from a local shop or make them yourself if you have time. Another inexpensive idea is a packet of seeds or a small potted herb, which guests can plant at home. These work well for outdoor or garden weddings and feel personal. If you want something useful, a matchbox with your names and date printed on it is cheap and practical. Or a mini bottle of hand sanitiser or lip balm with a custom label. The key is to keep it simple. One small, well-chosen item is better than a bag of bits. Think about what your guests will actually use or eat. If you are stuck, ask your venue if they have any suggestions, as some include favours in their packages. Remember, favours are a thank you, not a requirement. Your guests are there to celebrate with you, not to receive a gift.
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