So I gave into the temptation that is walking into Hobby Lobby with a few bucks in my wallet and made my first purchase. For $7 this is what I got:
Hot Glue Gun
The first thing I did was put Mod Podge on the front of each letter and placed them face down on the back of my scrapbook paper choice.
I let them sit for a few minutes and then turned them over and smoothed out any wrinkles with an old gift card.
Once the Mod Podge was dry, I cut off the excess paper around the letter.
I added a top coat of Mod Podge to the scrapbook paper and made sure I put some on the edges to keep the paper from peeling.
I glued ribbon on the back of each letter with my hot glue gun.
Piece of cake!