Here's another easy decoration you can make--

When I found this picture I was taken by the simplicity.  If you made several of these and hung them on your tree, it would make a wonderful statement.  Think about it, if you had your children make you some drawings and then you either sized them down or cut them into small squares and used them for the squares.  The ones in the picture are made out of cloth and you can find the tutorial here.

I think I will adapt this to use heavy cardstock and ribbon, maybe with some glitter and dimensional paint thrown in.  If you try this won't you let me see your finished product?  I know I'd love to see it.