Glue, Scissors, a Stapler (a mini one works best) & the paper of your choice (I found some adorable, festive scrapbook paper at my local craft store).
Cut your paper to 6 by 9 inches; fold in half lengthwise. Fold edges back 1/2 inch for rims, and crease; unfold. Glue a 1/2-by-9-inch strip of decorative paper on each rim. Cut slits from middle fold to rims, spacing 3/4 inch apart. Shape into lantern: Open paper; bring the ends together to overlap slightly; staple. Staple 3/4-by-8-inch paper handle inside lantern.
Glue on paper stars (made with a craft punch – available at any craft store). Hang the lanterns on ribbon (or twine) strung above the area of your choice for a festive party decoration!