I have a couple of target holders based on the
design at Box O' Truth except they're a tiny bit wider for a big flat piece of cardboard on which I tape a silhouette target.
For paper, when I got to my last silhouette target, one of
these, I laid it on a big piece of cardboard and, taking a sharp ice pick, punched holes really close together along the outer border and the inside white parts between the arms and the body. Then on the cardboard I cut out the appropriate parts along my perforations, leaving small strips holding the 'between the arm and body' gaps in place. I have a roll of some sort of art paper that's about three feet wide or so and way long. I unroll some, cut it off, tape it to the cardboard backing on the stand, use spring clamps to attach my cardboard template in front of the paper, and use a $1 can of black spray paint from Walmart to make my target. I put little colored adhesive dots on the chest and head to give myself something to aim at and maybe tape some smaller targets along the corners and it's done.
Bowling pins are also fun. I picked some up at a junk store one day and have shot the heck out of them. The plastic covering absorbs the hit and barely even leaves a mark. They rattle when I shake them, though, and have lots of small bulges under the plastic. Occasionally I have to sand or pry a partially emerged bullet out of the bottom of one so it'll stand up.