This idea from Martha is intended for Independence Day (and the printables are in the red, white and blue way), but I think this is one that translates to any party. Use any printed card stock or craft paper in lieu of the stars and stripes. Find the easy how-tos here.
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Scrap yarn is great to make a colorful pom pom Christmas tree topper
If you like making pom poms and looking for a unique tree topper why not make a big ball of pom poms out of all sorts of colored yarn to make a statement tree topper. After you have made your pom pom tree topper featured at the blog Sugar and Cloth why not use the scrap yarn to embellish the branches like tinsel?