I love PicMonkey! They offer so many free options as well as an extremely reasonable month to month premium membership for only $ 4.99 !! They even offer a FREE week trial for first time users.
As most of you know, I edit nearly all of my images using PicMonkey & I also use it to create all of my product labels. I thought I would share some tips and ideas for creating simple yet beautiful labels & I think I will also make a post with some printables from ones I've made in the near future. (Let me know if that's something of interest, and what you would like to see)
Onto some simple tutorials:
Head on over to http://www.picmonkey.com/
Start by selecting the design option and choosing the shape of canvas you would like to start your label as.

I chose a square to start these labels.
Next select any canvas colour your heart desires.

White is basic and you can then choose any effects or overlays to put on top of it. You can also change how the overlay looks by going into the options menu.

I stuck with a plain white canvas for my first example. Next you will go into the 'sticker' section, which is currently shaped like a butterfly on the side menu. You can choose any shape you like, but I chose one from the 'labels' list. You can change the colours to anything you'd like.

Now you can go into the 'font' menu on the side panel and pick your favourite(s). Type in what you'd like it to say and you can move the font bubbles around or change the size, colour and fade as well.

There is your first label! TAH-DAH! - Don't forget to hit save when you're done!
Next, we'll create more of a custom option. I chose to do this one in a circle but there are options to make it a square etc. Start by deleting the 'sticker' label we chose to use. To do this, click on the label and select the delete option.

Going back into the stickers option on the side panel and into 'geometric' select a circle. Pull the circle to fit up and around your text by dragging the slider bar. Next, right click the circle and hit 'send to back' this will put the circle behind your text.

Depending on the colour you've chosen, you may have to change your font colour so you can see it on top of the circle. For this, I wanted a black frame around a white label so I added a white circle and hit the 'send backward' option by right clicking. This will push it behind your text but not behind the black circle. (You can always do this the simple way and create your shape first and then do the text last, I just wanted to show the options)

You may have to move your shapes out of the way as Picmonkey doesn't have a layer list and sometimes they are hard to select. To change your font colour, reselect it, highlight it and move the colour slider until you're happy. I went with plain black for these.

Once everything is back in line, go back into the sticker menu and select from the 'labels' again. I chose a dotted circle. Pull the shape using the slider until it's where you want it.

You can choose to embellish this with little stickers etc. However you like. & There you have it, another way to create a label! - Don't forget to hit save when you're done!
Now, if you want to get a little fancy, you can select to ombre the background by going into the 'seasonal' section at the bottom of the list and going into the 'sweethearts' section. 
You can also put on an overlay. (Similar to the top, but there are other ones to choose from in the different seasonal sections.) To use these, go into 'heart cutouts' but change the size to 0%.

Now, if you go into the frame section of the menu bar, you can choose a 'shape cutout'. Stars, Hearts, Circles, Squares etc. This is an easy way to create a shape for a label.

And there is a third way to create a fancy label for your products! - Don't forget to hit save when you're done!
Now, to print them, I find the easiest way is to create a collage - also using PicMonkey! - Go back into the start menu. You can do this from hitting the 'x' on the upper left corner. and then select collage. 
Choose your labels that you just created. And then go into 'square deal' on the side menu. Choose however many you'd like to have on one sheet of paper. (This will depend on how large or small you'd like the labels to be.) You can play around with this option. I also slide the shape of the entire box to be closer to that of a standard 8.5 x 11 sheet of paper since I print at home.

Drop and drag your images or select 'auto fill' at the top.

Once you're happy, save your collage and then print your beautiful new labels out!
You can purchase blank sticker sheets HERE.
Most of the examples here are using a premium membership. If you decide to sign up for PicMonkey Premium through my link - I earn a small commission. I would appreciate it greatly.
I hope some of you found this useful! ~ <3

Images Edited using PicMonkey. Some of the links here are affiliate sites. & Please also see my disclaimer. Thanks Friends.