Step one: Cork board with batting hot glued on for padding. Attach chosen material with hot glue.
Step two: Add crisscrossed ribbon.
Step three: Stitch crosspoints to create quilted effect. Add tiny ribbon accents.
Step four: Show off.
Time spent: 90 minutes.
Cost: $22 for materials (you could do it for far less if you buy a cork board on sale and have remnants/batting already laying about)