I just made some for an event this weekend. Used felt as I could find no ribbon or fabric that matched my saffron kilt. Worked pretty well and looked good.

I used 1" elastic sewn into a ring slid the whole thing up like a garter. I bought velcro, but I was in a time crunch so saved a few steps. I had planned to add velcro later, but this worked, so I'm leaving them.

There are 4 strips, 2 shorter ones, (3" long, cut straight across the bottom) and 2 longer ones (5", cut into upside-down "V" on the bottom). The short stacked on long and the two stacks side by side.