Here's another idea for you.
Make two yo-yo's (striped fabrics work particularly well for this) and before you pull up the gathering thread insert an appropriately-sized cardboard circle. (You can cut up an old cereal box, that would be thick enough.)
Take half a shish-kebab skewer (those "wooden ones" that are inexpensive at the grocery store) - about 5" long is enough, and with a hot glue gun, glue the two yo-yo's back-to-back, with the skewer sticking out like a lollipop stick. Hot glue two buttons over the center of the yo-yo's, add a loop for hanging at the top and a colorful ribbon bow on the stick and you have a quick, easy, and inexpensive ornament or package trim.