Tassels are fun, and often over the top. They are also very easy to make.
Yarn, embroidery floss, raffia, or similar
A piece of stiff cardboard
Step 1: Making Your Tool
To make your tool, you will cut a piece of cardboard about half an inch higher than you want the tassel to be, and about three inches wide.
Make a small cut diagonally into one corner, then into the other corner of the same side (see last two pictures).
You have a tool!