I used this tutorial to make this handbag today. It took about 2 hours start to finish. I am giving it away as a Christmas gift. Now I need to find some tutorials to make a couple of small make-up bags to give away since I have extra material! This handbag took 1/2 yard of each fabric, so it was pretty inexpensive. Check out the tutorial!
Oh, ETA that I just found a pattern for cosmetic bags! Yay! http://www.clothworkstextiles.com/pdfs/patterns/classicblackquilt.pdf