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Approximate Time 1-2 hours
I found a font that I liked (you can use your computer's existing ones or download one) and typed the letters in a big size, like say 72. Then print the letters out and cut them out. Trace the letters on your foam board and cut them out. (You can also do your letters freehand if you want, no printer required.) Don't worry if the edges are rough because next you cover the letters in tissue paper.
I was going to mount the letters onto a piece of foam board covered in tissue paper, but it was too busy, so I used strips of tissue paper to hang the letters from the larger piece. (You could also use ribbon, string, whatever.)
Note: you could probably use glue for any of these steps as well if you prefer.
If you want to make sure you don't rip it when you take it down, I recommend putting packing tape on the back of the larger piece, then mounting it with some double-sided tape. I didn't do this and when we moved, the back was a little damaged, but it's still intact!
By CK from Herndon, VA