Gather your supplies.
Choose the piece of felt that you want to be the inside color of your wallet. Measure a rectangle that is a little bigger than your cardboard--about 1 cm.
Cut out the rectangle.
Cut what remains of your inside felt in half. You should end up with 3 rectangles that are very similar in size and no left over fabric.
Position your cardboard rectangle about an inch from the bottom edge of your remaining felt sheet (the outside fabric). Glue the cardboard to the felt.
Now, carefully outline the cardboard in glue, getting as close as you can to the edge of the cardboard. (This line of glue should be on the felt.) Some glue could be placed on top of the cardboard, as well.
Place the first-cut rectangle of inside felt on top of the cardboard. Press all the way around the cardboard, so that all edges are stuck down well. The cardboard should now be completely covered.
Place 2 lines of glue along the short edges of the inside rectangle.
Place one of the remaining rectangles of inside fabric on top of the first, tapering it slightly. This will form a pocket.
There will be some excess fabric along the bottom edge of the wallet. Trim this off.
Repeat steps 8 through 10 with the only remaining rectangle of inside fabric. You now have what looks like 2 large inside pockets.
Put a line of glue along the bottom edge of the stack of inside pocket rectangles or along the inch of outside fabric below this stack.
Press the inch flap of fabric below the stack of rectangle pockets to the line of glue, closing the bottom of the pockets.
Fold down the top edge of the outside fabric, creating a pocket big enough for a dollar bill. (If not decorating the front of the wallet with a bow, glue down the short edges of the fold to complete the pocket. Skip to the last step.)
Fold one more time from the top, as if you are closing your wallet. You should now see the front of your wallet. (Ignore the glue dot in the picture for now).
To create a bow you'll need:
-a rectangle of fabric slightly longer than the width of your wallet
-a small strip of fabric, 2-4 inches long
Find the middle of the rectangle and pinch it in an accordion fold.
Wrap the small strip of fabric around the accordion fold. Place a dot of glue on the end and pinch it down. Set your finished bow aside.
Place a dot of glue in the center of your wallet front.
Push the center of your bow firmly down on the dot of glue. Extra bow fabric should hang over the edge of the wallet
Open your wallet. Unfold the inside dollar bill "pocket". Place a line of glue on each of the excess bow fabric flaps.
Fold over the excess bow fabric and press firmly to glue down.
Place another line of glue on top to the newly-glued bow fabric. Put the line as close as you can to the edge of the wallet. Fold down your the top edge of the wallet, reforming the dollar bill pocket. Press firmly to glue down. Be sure to cover up all of the bow fabric.
Last, glue on your closure device. It (they) should be placed along the top and bottom inside edges.