One day I was playing around with yo-yo's, and then i thought: What if you made a purse out of a huge one?? So i tried. This is the result. You can probably make a sizeable bag the same way, but i was using scrap pieces of fabric and didn't have enough to make a larger one.
Cut 2 circles of the same size: 1 for the lining (gray, in my case) and 1 for the outside (plaid).
Faces together, sew. Leave a small gap, then flip inside out. Sew up.
On the darker side of the two, draw lines all around the rim of the circle.
Cut through both layers of fabric on the lines. Only make the cuts a little thicker than your thin ribbon, though.
** Cut closer to the rim than i did. Mine ended up kind of low.
Weave the thin ribbon in and out of the small cuts, as if your fingers were the needle and the ribbon was the thread.
Pull tight - but not too tight! It should be kind of sachet-esque.
Put the end of the ribbon through the large eye needle. Pull about 3 inches through, the push the needle through your bead. Remove the needle, and repeat. Then tie a knot at the end so the beads can't fall off.
Take your larger ribbon, and sew to the sides of the circle/yo-yo/bag. This makes the strap.
How to use: Open up the yo-yo bag, and place items in it. For example's sake, i put in a phone, sunglasses, and an ipod. After all your things are in, tighten up the bag, and tie a bow with the thin ribbon ends.
Wear your spiffy (god, i love that word.) new mini bag! Which, in emergencies, doubles as an extra large yo-yo flower! Or, you could stuff it and make a draw-string pillow!