Holidays make you spend an enormous amount of money!!! But I feel crafty. Here's a great idea from Design Sponge to make a cost free ornament. My suggestion is also to use shades of the same colors for each ornament, it's a pleasant effect.
Here’s what you’ll need:
-Various colors of paper or cardstock, cut into 1″ x 11″ strips. We used 5 colors of cardstock plus silver and gold gift wrap.
-Thread or monofilament for hanging
Using your X-acto blade and straight edge, cut a few sheets of each color paper into strips that measure 1″ wide by 11″ long.
Lay out your color combinations. We used 3 colors per ornament, repeating the middle color on the outside of each one.
Cut the center strip down to 6″ long. The following concentric layers will consist of 2 pieces, each measuring 7″, 9″ and 11″, respectively.
Make sure the tops of all the strips are flush, and then staple them together. Then line up the bottom edges on the opposite side, so that they are flush, and place a staple on that end. We kept it nice and simple, but there are a bunch of different configurations you can do by playing around with the lengths of the strips and different placement of staples. Now just find a favorite spot to hang them. Ours are clustered above the dining room table.