I know this project is kind of summery but since there are many-a-lucky-folk heading on to warmer pastures these days, I thought I'd post it anyway...
Awhile back I found a pretty scarf at a consignment store in San Francisco (Crossroads on Fillmore) just after I read this d-i-y in one of Blueprint's first issues. However, it took me forever to finally complete this little project because I wasn't sure where to find the bamboo bangles for the style of purse I wanted to make. However, one fine day, when shopping at Joann Fabrics for some Christmas craft items for my kids (reindeer candy canes are a yearly tradition in my house), I stumbled upon them...and they were only $5 for the set. I thought, why not? I'll just save the bag for the Spring/Summer season.
It turned out well, although it seems the bags need to be fairly full to look attractive. I bet a light coat or a weightier scarf would do the trick.
You can find the tutorial here. Miss you Blueprint.