A child can hold a balloon by its stick.
The stick has 2 parts: a straight stick and a conical piece.
The straight stick is put into the conical piece.
The conical piece has a gap or slot where you can slide the knot of the balloon in as shown in the picture.
Would you say "Put the balloon on the stick" or "Put the balloon in the stick" versus "Take the balloon off the stick" or "Take the balloon out of the stick" in everyday conversations?