Your supplies will ultimately depend on what size flags and lettering you choose.
I needed 3 squares of fancy felt and 1 square of felt that has a sticky side.
Good scissors, I used fabric scissors for the felt
Yarn or anything you want to use to hang it.
First, decide on what size you want your pennants to be. My pennant template was 6.5"x 4.5" with 1/2-3/4 inch space at the top if you want to fold it over. You can search online for different sizes and shapes of pennant templates. Then print it out and cut it.
Next, print out your lettering. I used a Word document and printed out the letters for the word "THANKFUL" in Beach Extended font in the font size of 200. After it's printed carefully cut out each letter.
Trace those letters onto the paper side of the sticky felt. Make sure you place the letters backward or upside down rather when you trace.
Now, cut the letter out of the felt using your fabric or really sharp scissors. Peel off the backing and invert it and stick to pennant.
Once all your letters are done you have to decide how you want to hang it. I wanted to sew mine for a more finished look. That's why I added the 3/4 inch flap at the top. I folded it over yarn and sewed it. That way the yarn can move freely and I can move the flags closer together or farther apart. You can sew this by hand if you don't have a machine. You can also use ribbon or raffia to hang it. You could glue it I suppose, or you could leave the flap off altogether and punch some brackets though.
After I hung it I added these flowers that were on clearance at Michael's.
This was sooo easy and I was perfectly happy with it's simplicity. I can't wait to make one for Christmas, but not until Thanksgiving is OVER!