This day is a Catholic feast day—often a day in which the priest blesses one's candles, hence the name—but it is also a special day for Pagans, midway between the winter solstice and the spring equinox. In some traditions, it is the first day of spring, and for many people around the world, it is known as Pancake Day.
The Artists Helping Children website has lots of craft ideas, including candleholders, candlemaking, candle lanterns, and so forth.
Also on this date (evening of February 1 to this evening): Imbolc, or St. Brigid's Day.
See last year's post for information on this Pagan and Catholic celebration.
Also on this date: Groundhog Day.
See last year's post for information on this holiday and lots of stuff about weather prediction, too!