I started this when I was sick and needed to keep busy. It only took like 3 weeks to make and cost about $15 total. I used Red Heart Yarn and obviously you can change the colors or just use one color but for this color pattern, I will show you how to make it.
First get your supplies. I bought my yarn at Wal-Mart (I know, I know). You will need size 13 needles. I highly recommend bamboo Takumis by Clover.
The way the pattern works is each square is knitted independently and attached at the end by single crochet at the end.
CO 36 stitches. Work in St st until piece measures 15'', BO. Repeat with each color.
Red, blue, orange and green: make 2 pieces.
Black: make 8 pieces.
See color pattern.
After figuring out which color goes where, arrange pieces into 4-square blocks. One is Green Black Green Black, the next is Black Orange Black Orange, then Blue Black Blue Black, then Black Red Black Red.
To attach squares, single crochet the edges together using the white yarn. After attaching squares into these 4 strips, crochet the strips together lengthwise.
You should end up with something resembling an unfinished blanket. See the color pattern picture. Now using your crochet hook and white yarn, crochet around the entire perimeter to give it a nice, finished look.
This last part is optional but I collected a lot of dog hair and crap in my yarn as I was knitting so I decided to wash the blanket.
Put on a gentle, cold cycle with fabric softener, tumble dry. This really makes a difference. The colors pop and the blanket was twice as soft as before washing.