There's no such thing as too many hair accessories -- and this no-sew craft makes creating a collection a cinch.
Lay the fabric strip right side up on a smooth working surface, so that the long edges are at the top and bottom. Apply a line of hot glue (a parent's job) along the upper edge of the material.
Let the glue cool for a few seconds, then fold the fabric in half, pressing the lower edge of the strip onto the glued edge. The result should be a cloth tube.
Next, attach a safety pin to each end of the elastic and thread the elastic through the center of the fabric (to make this easier, tape one of the pins to the end of a pencil and then pull the material down over the pencil).
Once the elastic is threaded, join the ends by clipping the two safety pins together. Wrap tape around the pins to keep them from opening.
To finish, pull one end of the fabric tube over the other end, overlapping about an inch, and glue the loop closed. Adjust the fabric so that the gathered material is evenly distributed around the circle.