This was a quick, simple and inexpensive project. It seriously took about 10 minutes total (okay, maybe it took longer than that to cut out the hearts). I had everything for this laying around the house (again, not really just laying around the house, it was all put away in a craft box in the basement).
All you need is some colored felt, scissors, ribbon and a button!
Cut several hearts out of different colored felt (or use the same color, it's up to you). Sew the button to the end of the ribbon and sew a loop in the opposite end. Cut a slit in each heart large enough for the button to fit through but small enough to stay on the ribbon. Button the felt hearts onto the ribbon and you're done!