Costco has the Brother P-Touch 1880 Electronic Label Maker for $11 with free shipping. Prints up to two lines of text, nine type styles and ten frame styles.
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This is actually a really nice little label maker. I use one in an industrial biology lab. I label stuff I that I soak in water for days at a time and they don't come off. You can do lots of fonts and text sizes. Well worth the $11 if you have any need at all for something like this.
Does it allow you to adjust the 'wasted' white space on either end of the text, or have small default margins? I have another labeler, and there's way too much wasted tape.
I haven't played with the margins etc. But using it as is, it wastes tape. It will trim it for you so you don't have to cut the label with scissors, but it still wastes tape more or less like others I've used. It does have a convenient tape cartridge so you don't have to thread the tape or anything.
You can adjust the trailing margin on the model that I have to save label tape. The leading margin is pretty much set by the design of the printer. With a narrow margin, you have to trim off the leading tape if you want the text to be centered. When I print a lot of labels I turn off the Auto Cut and then cut the labels apart with scissors which saves a lot of label tape. When I find label tape on a bargain table I buy it all. The retail cost of label tape is outrageous.