Personalized cheap wedding favors sounds almost impossible!
Normally when you look to add any names or dates the price rockets but there are some simple ways to get what you want.
One of the cheapest ways is to purchase
you can then tie the ribbon to your favor.
This way you don't have the cost of the packaging - favor box or bag and your guests get to enjoy the favor straight away. This works very well on bubbles, as you can tie the ribbon to the handle. I have found that it works out cheaper if you buy the ribbon and the favor separately.
Personalized stickers for your favors are also a popular and cheap way to add your own personal touch. These you can stick to envelopes for a seed favor, cookies, plants, cds - anything really!
For edible favors you can buy printed labels that you stick onto the candy bar, the cheapest way to do this is buy the chocolate in bulk and then organize the labels - make sure they cover the bar! Labels are also great for cd covers and if you are good on designing stuff on your computer then you could save yourself more. Although for ease I would go with buying them already done, printers have an annoying habit of not working when you need them.
For seed favors you can personalize the envelopes that they are in, if you visit a good stationers they will have a big variety of envelope designs as you want something classy. You can either print straight to the envelope or use labels.
As well as making your own personalized favors, you can also find some great cheap wedding favors ready to be personalized. Here are some lovely ones available at the moment.