Since I have a love for small pieces of art like inchies and these small handpunched tags, I work on them at the same time I am working on a focused project. It's a great way to utilize leftover tiny snippets of paper, beads, ink and paint.
I handpunch the tags from backs of greeting cards or clean, but used, manila file folders while watching a good Bogart movie. That makes them more valuable. (snort) There is always a pile stacked right on my worktable. I start with ink and paint leftover from the big project: sprinkle, dabble, dip, smudge. Sometimes that's as far as I get, and they sit there a little longer waiting for the next big project. Grab the ink stamps you are currently using, glue on some snippets of fabric or paper scraps, punch a flower or two out of vintage paper snippets, here I've even used part of a wine label I liked and part of a box from a wonderfully scented candle. The point is to create these without rummaging through your studio, just build the work with everything you are using at the time, a la Carpe Diem.
This particular set of tags went to a very special person who needed a little smile, sometimes I include them as "thank you's" in my etsy orders, some I list and sell in my shop. I find multi-tasking on several pieces at one time very satisfying, especially when I'm creating out of small things normally tossed in the trash bin.