Find some fabric. It can be any type, texture or color. You can use old clothes, sheets, towels, tablecloths, bandannas or just about anything that you are able to cut up.
Cut the fabric into strips that are half an inch wide and about four inches long.
Start by taking one strip and tying it in a knot onto the ponytail holder. You should be wrapping the strip around the ponytail holder--in and over--and tying it off.
Continue to add strips until the bracelet becomes very full. Every time you tie a knot, slide it down to meet the previous one.
You can hang beads or any other kind of embellishments from the bracelets to decorate them.