What you need: Lace (I cut mine out of a pair of tights that I never wear), craft paint, glue gun.
What you do: First, paint the lace with craft glue and let dry. (I liked painting the lace because A. The color before was ugly, and, B. It took the sheen out of the lace and gave it more texture.) While the paint on the lace is drying, paint the bangles whatever color you would like to show through the lace (I painted mine white). Lastly, use the hot glue gun to attach the lace to the bangles, stretching it tightly as you go.
Verdict: These suckers are so cute and you probably have most of the supplies lying around your house. So pretty and the colors make me want sherbet. Success.
3. Washi Tape.