Do you have any of the little Weavette hand looms? The 4" square one makes very nice little 'mug rugs' for your coffee cups. If your yarn is on the finer side, just sew two together for a double thickness. The 2"x 4" makes great bookmarks too.
Otherwise, don't be afraid to save up some of this beginner yarn, especially if it's lumpy-bumpy stuff, until you're a more accomplished knitter. That's when you'll really appreciate it! Using slubby yarn in the yoke of a sweater, just above the cuffs, on a hat above the ribbing, etc. is fun and adds interest to the garment.
Do you scrapbook or make homemade greeting cards? If so, save some for those projects too. Handspun yarn works great for embellishments!