Here's a good looking project your family could tackle in an afternoon. Derek and Lauren (of Curiosity Shop) have posted this easy tutorial over at Design Sponge that we think makes good year-round decorations.
Made simply of paper, these ornaments remind us of the Eames atomic style, but the mood can be easily changed by using an assortment of decorative papers.
Derek and Lauren recommend using an X-acto knife to cut your paper strips, but for children we would recommend scissors. Read the full (easy!) tutorial here.