A class mate of mine from high school made one for her daughter, and shared on Facebook. From there I set out to make one too.
Her's :
I know the frame she got and painted was $7.00 from Micheal's. When I went they only had a very small one for about $4.00 and were out of the larger one. 
 
Mine:

 
I went to Micheal's and found an $8.00 oops frame which I think is actually better built then the frame she used. Ribbon was 40% off and some spools were on sale for $1.99. All in all it cost about $30 and took about 2 hours.  I first cut all the pieces and laid it out, then hot glued it. 
The light lilac and sage green are what I hope to use when we eventually create her big girl room.
 For now I just have to figure out where to hang it 
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