My crafty friend Morgan mentioned that she had a craft night and made Valentine wreaths. Since I totally slacked on making a felt advent calendar, I "felt" I needed to redeem myself and use the excess red, pink and cream felt I had lying around. The red was the only wool felt I had and the other colors were synthetic. If you can find a deal on wool felt, snatch it up. I've gotten it on sale before at around $3.50/yd. If you buy the end of the bolt, they'll sometimes give it to you for 50% off. It's really high quality and holds it shape nicely.
The original source of inspiration: Ruffle Felt Wreath Tutorial
Heart Inspiration found at Eighteen25
I could only find a glitter-covered wreath, but it was half price so it ended up being cheaper than white styrofoam.
Diet Coke: an essential crafting tool.
The rotary cutter made the circle cutting easy. I initially cut 20 circles of each color. I needed a total of 120 circles to complete the project. It's not necessary to group the circles too closely. Once you fluff them up, it covers the styrofoam nicely.