Cut a 4" strip off one side of your paper, so you have a 4x12 piece, and an 8x12 piece.
Cut 4"inch strip off the 8x12 so you have your 8x8 and a 4x8.
Cut 4" off the 4x12 so that piece is 4x8 also.
Use the 8x8 on 1 side of a 2 page layout, and the two 4x8's together on the other side, just put a ribbon, a slice of solid color,a journal strip or some other form of embellishment across the seam!
No waste, all you are left with is one 4"x 4" square for your scrap pile!