I've been planning on doing something like this all year, and I think it turned out pretty cute. I am not quite as organized as Sherry from Young House Love with all the fabric and natural light, so this is my version of taking a photo every month for the first year.
I just grabbed a piece of scrap wood from the garage, sanded it and painted it with chalkboard paint. Then I used double stick tape to adhere the ribbon going across. A friend gave me some already-painted-silver teeeny tiny clothes pins. I hung one photo from each month and wrote next to it with chalk. Voila.
Originally, the version I saw on pinterest had a block of painted wood with the ribbons hanging down, but I knew I wouldn't have anywhere to hang said piece of wood at both birthday parties we hosted, so I opted for something I could just prop up - shown here on our mantle at home (hence the photos/art behind it).