I made ornaments for a bunch of the ladies on my Christmas list this year. They made for a relatively easy and quick gift. And all I had to buy was the fishing wire to hang them from for a whopping $2. I had all the paper and beads in my stash.
These look a lot more impressive and difficult to make than they actually are. I loosely followed the beautiful tutorial I found online (linked on my blog), substituting a 3" square of paper for a 6" square of fabric. Instead of stitching the ends together, I used a very VERY small dot of hot glue. Then I just strung them on fishing twine with some beads!