I use 3"x 4" Avery labels run through my printer. MS Publisher does a nice job if you have it, or Word will do all right. Rather than use up a lot of ink on color designs, you might look into colored stock and a minimalist design.
I used a 50% off coupon to purchase a 1.5 inch hole punch from the scrapbooking department of AC-Moore. (Craft Store) $15 down to $8. (we get those coupons all the time in the paper... just like Harbor Freight)
Then you can use regular paper to make labels to hang on the bottles.
Revvy did a post on it in the beer forum and I liked the idea. Keeps you from having to clean them AGAIN after use. And you can be as fancy or simple as you like. Works great for both Beer+Wine. In case you didn't know... there's a whole 'Label' forum https://www.homebrewtalk.com/f46/