Look what you can make!
You can find the tutorial here at The Creative Place.
I modified the project with craft wire and a slide paper cutter or scissors. You can add charms to your paper lantern ball ornaments from the loops you create with the craft wire. The charms were made by the kids with Shrinky Dinks at low cost also. The paper I used were old xmas cards and empty card boxes. Any cardstock around the house could be used.
The Creative Place has a great craft blog with easy to follow tutorials. Go check them out.
Another Project I did was the Paper Shoe for an admin at the kids school who didn't have the time to make it for her desk. I volunteered to do it for her and she gave me the materials to do it. You could use these as favor holders at a party, probably be used at a wedding shower or birthday too (just choose dif. color paper). The project took about 45 minutes.
The Shoe Project tutorial you can find at Skip To My Lou here
Hope these are ideas you can use to create some cheap easy holiday decorations.