This is an under ten dollar project granted you have access to a color printer.
chip board (I got mine free from the scrapbook store, they said they get it with the paper and usually just throw it out)
regular printing/copying paper
mod podge and brush
shoe laces or lacing cords (I got a package of 12 lacing cords from Michaels for $2.00 with a 50% off coupon)
Images (Mine came from www.the-lilypad.com by Kate Hadfield but you can use free ones)
I used Publisher to make four images on one sheet, they measure approx 3x4" but you can make them as large as you'd like.
Tie a knot on one end of your lace and start lacing!