To make from wood:
Cut template from 3/4" pine if the boy will be standing or 1/2" plywood if you are making a Christmas tree ornament.
For the base of a standing figure, cut a piece of plywood a few inches wider than the figure by 4" to be the base. Sand all pieces.
Using carbon paper, transfer the lines of the template on the wood. Paint with your choice of acrylic paints.
Small mitten could be made out of fleece to slip over the existing mittens. A matching hat could also be added, either sewn to fit over the existing hat or when cutting the wood, omit the hat and just extend the top of the head for something to glue a hat to.
Yarn or doll hair could be used for the boy's hair - just hot glue it following the outline of the template.
Add a fabric patch on the boy's pants and elbows and perhaps a toothpick for the snowman's nose, or a dowel rod whittled down, depending on the size you are making him.
Use blush or a pale pink for the cheeks of the boy and the snowman. Use a toothpick or stylus to make the freckles on the boy and the face on the little snowman
If hanging, when finished drill a hole in the top of each head. String wire or gold cord through the holes and loop the wire.