Here's a little something I had learnt as a child. It's so simple the pictures should speak for themselves.
All you need is any candy wrapper, printed or opaque. Transparent ones will also do but colored ones look better.
What I have here is the Legendary 'Kismi'
Step 1: NOM!
Then hold the wrapper lengthwise and start making pleats. Make it look like an accordion.
Step 2: Like So
Step 3: Tie It in to a Knot
Step 4: Unveil the Costume.
Step 5: Done!
Step 6: Get Creative!
Try different colors, styles perhaps maybe tear the top portion from the middle to make two horns
I'll be happy if anyone suggests any similar ideas for kids.. or anybody..
Also I will post a video soon.