Are you addicted to pinterest? I know I have been having a wonderful time getting home decorating ideas and this is one of them. I bought all my bulbs at Michael's (glittery santa suit balls, glittery gold stars, and cylindrical ornaments.)
This is what the hanging ornaments looks like from below. As you can see this is all started from the wreath that is tucked up above the lights: easy peasy to make and should be easy to store. Hope this gives you some inspiration.