Faux Ribbon Ornament:
Glue some striped ribbon to a sold red ribbon, then take a needle and thread and a few beads and sew in a zig zag type pattern as pictured below. Its pretty easy and will last year after year.
Memory Frame Ornament
Frame a favorite photo with Christmas themed Scrapbook paper and trims. For a touch of nostalgia, use a black-and-white photo, which will stand out against the colorful embellishments.