All you need is some yarn in your desired colors, your hand and a pair of scissors!
The pom pom I made in the example below only uses one color but you can make a multicolored pom pom by switching colors after every few wraps.
Step 1:Start by taking your yarn and wrapping it around a hard surface.You can use your hand, a small piece of cardboard or any other small surface.
Step 2:Continue wrapping the yarn.The more times you wrap the yarn, the thicker your pom pom will be. As a point of reference, I wrapped the yarn around my hand 30 times for this particular pom pom.
Step 3:Slip the wrapped yarn off of your hand or surface and using a separate piece of yarn, tie a knot around the center.
Step 4:Slip scissors through the loops on each end of the pom pom and cut across to create the fringe.
Step 5:Fluff the yarn to form the pom pom.