Just another reason I love Pinterest. Other people have done the work/searches/pins and all I did was type in ribbon rack and I discovered an awesome DIY instruction step-by-step blog tutorial on making a rack. I followed the the instructions from Budget Wise Home and even though she designed hers as a wrapping station rack, it works just as well for a ribbon rack and is both budget friendly while satisfying my aesthetic preferences.
I did have a few changes from the instructions I followed: I bought unfinished wood and spray painted it, along with the dowels. I bought silver hooks because I like the look of silver hardware. I cut the sizes accordingly to accommodate my space. I'd have to say, for all the materials (wood, dowels, screws, hooks, and spray paint)- cost was less than $20. With a bit of 'husband and wife' elbow grease, the rack is complete and I am more than pleased with it.