Use any kind of coloured scrap paper from magazines or wrappings and cut into strips. The straight strips make cylindrical beads and the V shapes strips make oval beads.
Glue the strips of paper and roll them (If V shaped roll the wide end first) around a nail. After a few minutes remove the nail. Paper can also be wound around a drinking straw, and the straw left inside the bead. Thread your beads with string, cord or fishing line, alternating them with short lengths of drinking straws.