I followed the tutorial here and it took me about an hour. I made the bow as well and that took about 20 minutes. It is just about the cutest thing I have EVER seen! The face is Ella's foot and the antlers are her hands.
I used a shirt Ella already had, but it was $3 at Wal-Mart. The Heat and Bond is $1.97 for a yard, the brown fabric was $1.97/yard (really, a half yard would be PLENTY!); the glitter puffy paint was $.97; the buttons were $1.30 for 4 red and 4 black. I used ribbon I have in my craft bin(s). I'd say the total cost for making shirt is was under $4.00, including the cost of the shirt itself.
I have a plain red tree skirt that I may just have to put some reindeer on. My mom and I decided they would also be adorable on a red tablecloth. Just keep adding to it every year!