A balloon weight and ribbon assembly includes a spool having a length of ribbon wound thereabout, the ribbon being secured at one end to the spool and at the other end to a lightweight breakaway tab which initially comprises a part and parcel of the spool. A slot in the tab accommodates receipt of a double knot at one end of the ribbon, while a slot in the spool accommodates receipt of a double knot of the ribbon at the opposite end. A piece of double backed adhesive tape is provided on the breakaway tab to allow for securement of the tab to the neck or tail of an inflated balloon.