Step 1. Cut 4 pieces of fabric 5" x 7" (if you want to put credit cards in them, you will want to go 5" x 8") Cut 1 piece of interfacing the same size. Cut 1 piece of fabric for your closure 1 1/2" x 6" or use a piece of ribbon or elastic if you wish. Once you make one, you can change it up as you need.
Step 2. Take two pieces of the fabric and fold in half length wise and press, now top stitch along the folded edge.
Step 3. Place the interfacing behind one of the remaining pieces of 5" x 7" fabric and line up one of your "pocket" folded pieces 1 inch from the bottom and stitch in place along the bottom only of that "pocket".
Step 4. Place the next pocket, again with the folded edge to the top, raw edges placed along the bottom of your wallet and again stitch in place along that raw edge on the bottom only.
Step 5. Line a ruler up, half the width of your piece, in this case 3 1/2 " and make a mark on the pockets with either disappearing ink or chalk (something that can be erased or removed easily) this will be your stitching line for the pockets, you do not need to stitch all the way to the top.
Step 6. Take your narrow strip and fold it in half length wise, press. Now fold the raw edges into the center of the fold and press again so that you have created a finished strip. Place them straddling the bottom pocket as shown below and stitch in place. Have your fold the way you want the closure to look as it will not change direction or shape when the wallet is completed.
Step 7. Place your remaining piece of fabric on top right sides together, pin your corners and if necessary, your edges, then stitch around all sides leaving a 2-3 inch space at the bottom for turning.
Step 7. Trim the corners carefully and turn the wallet through the opening at the bottom. I use the blunt end of a bamboo skewer to pop out the corners, you can use a knitting needle, just be careful not to puncture the fabric. Press and top stitch close to the edge.
Step 8. Stitch a button to the front side for the closure...I have yet to decide what I want to use as a button for this one.
Here are some other wallets I made this weekend...