So quick and easy to make! I picked up my roommate's and my initial ($2/each) and pretty ribbon at JoAnn's.
Paint the letters (I used acrylic) with a color that matches the ribbon. Let it dry and then put modge podge or some sort or sealer on the letters.
Staple the ribbon (abt 1.5') to the back, bottom of the letter.
Nail a hook into the wall where you want the bow holder and hang the letter on it.