Tutorial: DIY Tissue Paper Pom-Poms this tutorial is pretty good. Use square sheets or tissue for a rounder Pom Pom. Tie the middle with ribbon and tied several on ribbon and hung them for a backdrop. Use thin tissue paper and fluff gently.
If you don't have a fireplace, but still want to hang stockings and decorate a mantel, you can craft one out of cardboard! Using cardboard display boards (ones students use for science projects), you can build a realistic (and lightweight) fireplace.