I originally cut the pennant pieces with the intent of saving the scrap for lettering on my Cricut…but when you have a perfect square, as in the case of scrapbook paper pads, how can you consider the perfect halves ScrAp? lol 
I have had this in mind for a couple of days, so with pretty lettering and some little owls on every other one, this banner should be perfect! I now have the dilemma of whether to hang this banner from my windows, or use the original solid ones with a ric-rac edge effect? What to do, what to do???
Here are pics of how I did it:

Using my little paper cutter, I cut from the top corners to the center bottom (cutter is not quite long enough, but you can cut almost all the way and finish with scissors).  I folded the paper and creased just an inch or so of the bottom edge to make it easier to cut to center.  What you have left
are the halves of a triangle to make complete bi-color ones if mixed with other scrap triangle halves.
The next step is the fun part! Choose which halves you like in combination and tape together on the
back (I have not laminated these yet, but that is next).  Make 1/2″ slits at the top of either side of the triangles, thread some pretty ribbon through, and you have a gorgeous two-tone banner! Let me know how you like this “fRuGaL” idea!!! I love comments, you know! Waste not, want not really means something here!