If you have some kind of craft ring in the house, some jingle bells and a little bit of yarn, you can make a Christmas ornament in just a few minutes.
My Christmas wreath ornament is a little bit fiddly because you're working I-cord around a ring, but once you figure it out it's really quick and easy and gives a cute look for the tree, to hang on a gift bag or use in whatever other sort of way you might want.
It's been suggested to me that this ornament would be a lot easier to make if you crocheted it. Sure, if you want to go that way, you certainly can. But I'm a knitter so this is my ornament. Maybe try both and see which one you prefer the look of!