Fold the paper plate in half.
Draw half a heart shape on the fold, keeping the bottom attached.
Cut out the heart shape while the plate is still folded. Unfold the plate.
Using the hole punch, make holes around the outer border of the plate and the inner heart edge. Space them about 1 inch apart.
Starting with your first yarn color, weave from the heart center to the outer border. Go through every other hole on the border, leaving the rest empty for your second color.
Using your second yarn color, weave through the remaining empty holes from the heart to the border.
Tie off or tape the yarn ends on the back of the plate.