2 pieces of coordinating fabric apx. 12 x 12 inches, 2 inch piece of thin elastic (for closure), one button.
Cut two coordinating squares (of any size, but here I've cut them appx. 12 x 12 inches)
Fold each square in half and sew up like a bag leaving one end open. It is important that the openings are exactly the same size (unless you're using a forgiving stretch fabric).
Choose which fabric will be your outer fabric. Turn that one right side out and press to look lovely. With the inner fabric, don't turn it right side out. Just put it onto your hand like a glove and slide it inside Mr. Outerfabric.
Each of the fabrics needs to be turned inwards at the raw edges and pressed. As you can see from the photo above, I find this easiest to do before inserting one fabric into the other.
Now loop a 2 inch piece of elastic and pin it into place between the two fabrics. Stitch all the way around.
Whadda ya mean I can only choose one button?!
Hand-stitch the button where you'd like the clutch to fold over and secure.