Cut Out + Keep has so many tutorials and projects of all types; I found this project one day & I turned a collage I'd already started into a small clutch purse. It is really simple- basically you need a sheet of plastic/paper protector, collage-making stuff (glue, sissors), a way to close it (sew on buttons, velcro, magnets), and a sewing machine to sew the purse closed (you could hand-sew it, but this would not be ideal).
You can fold it anyway you choose, and use any method of closing the purse. You'll be sewing a collage into the plastic protector, and you can see the inside (a little or a lot, depending upon how you fold it) so make it a double-sided collage. Also something to consider: you can put two paper protectors together & make a larger clutch purse. I didn't try that (yet) but that would actually fit a wallet and more things in there!! So try doing it, put it in the comments, and post it on Stitchin' Misfits on Facebook and Flickr, ok? Click here to get to my project, which should link you to the main project & there you'll find the instructions that I started with.