I saw this gorgeous wreath idea at nannygoat last week and just loved it. When she wrote that the materials were from the dollar store... all my crafting bells went off. I hopped in the car and took off for the Dollar Tree fearing they would be all out of ornaments when I got there. Crafting is serious business, folks.
The only tips I would add to nannygoat's directions would be 1) expect the ornaments to pop off of their hooks and go rolling across the floor and underneath all your furniture, and 2) if you are willing to deal with chasing after rogue ornaments, DON'T glue the hooks on to the ornaments. That way if you don't like the bunching of colors or whatever, you can switch out one ornament for another without unstringing the whole wreath.
That ribbon is one I found for cheap last year and used on my tree. I hope I can find the rest of it when it comes time for decorating this year because I want to center my color scheme on it. Especially since I found these placemats at the Dollar Tree too. I'm thinking table runner. What do you think?