Just saw an idea in an email I got. Take a piece of the peel and stick glitter foam. Cut it to fit the inside of a clear lid off a food container. Take other pieces of peel and stick foam to decorate your ornament. The glitter foam is what makes it special since it is sparkly. And a no glue activity too. Just poke a hole in the top for the ribbon.

I plan to adapt this to cardboard. If you didn't want to use a plastic lid you could use a stiff piece of cardboard - even from a food package. Glue to the printed side of the cardboard so the plain side becomes the back. Let them decorate the back with crayons before starting if desired. It also means you can cut a fancier ornament shape than a circle too. Would also make a nice bell especially if done in gold or silver glitter foam.

This is an example of cutting costs by putting the one layer of the more expensive glitter sheet onto stiff cardboard instead of cutting two glitter ornaments and sticking back to back. Sometimes we can do the same crafts just finding a cheaper way to do them.