I saw Morsbags on a another blog and fell in love! Cheap AND easy? My kind of craft!
Go here for the tutorial. Click on "make one" and you can view/print the instruction as word doc or pdf.
Of course, these can be used for so many other things - library book bags, day trip bags, etc. and you can choose any fabric you like! I'm thinking about adding some embellishments... maybe a flower or an applique... so many possiblities!