TA DA
I even did a little quilting on it, I think it turned out cute. 
I just started last night, I picked through some of my scraps for a color scheme.  I'm using a piece of felt about 1.5" wide, I know I should use something a little stiffer than felt but this is what I had on hand.  I'm trying to make this without spending any money.   
I just started to sew pieces on to the felt, trimming as I go.  This is as far as I got, before bed time, almost half way there. But its Friday now so I can stay up all night sewing if I want tonight, no work tomorrow.
I hope it turns out as cute as it is in my head.  I may do some quilting on it after I get the pieces all sewn on.
It fits better than I originally thought it would.  Total cost, probably around $0.50.  
 I had to buy some snaps, I already had everything else on hand.
Oh and how do you like my huge cutting mat, 24"x36" I found on sale for $15, I was so excited when I found it I hurried to the check out and forgot to get what I actually went to the store for.