1. Make a template using thin cardboard from a cereal box - mine are 13cm/5" wide and 21cm/8 1/2" long:
You could make square or rectangles....
2. Collage and or paint some watercolour/scrapbooking paper.
Here I have glued old sewing patterns on to watercolour paper then I painted an acrylic wash over it.
I added some gold dots and inspirational words to mine.
3. Use you template to cut out your bunting flag shape and then hole punch some holes in it:
4. Then thread some string/twine through the holes - I found that they hung beautifully without the need of gluing.
Here they are hanging up: