I designed this little knick-knack bag for two reasons -- one was to catch all my snipped threads when sewing (also known as an 'ort' bag), and the other was to put it near the front door to keep my bits and pieces like car keys, etc. separate from other family members' keys.
When I go on a quilting retreat, I just fold up one of my little bags and stash it in a corner of my supplies, then push it back into shape when I need to use it for either threads or small notions.
You can see some examples of completed bags here: http://www.etsy.com/shop/RhondaMadeIt?section_id=6169846
If you know how to sew, it should take you about an hour or less to make this pattern into a finished item. Almost every step has a photo showing you what to do, as well as clear instructions. (I write instructions in my day job!)