Here are a few examples of eco-friendly and budget friendly holiday wreaths.
This one from goodhousekeeping.com is made from old Christmas cards.
Check out the tutorial.
How about a wreath made from upcycled Christmas wrapping paper scraps?
Here are some awesome examples...
Here is a christmas wrap wreath from instructables.com
This one is made from bottlecaps! I wasn't able to find the tutorial but it looks easy enough. I found the photo in monkeydog-studio's photo stream on Flickr.
Last but not least another great one I found on Flickr.