I really wanted this to be multi-functional - and was trying to think of a way to give it another use (besides the cute bracelet and hairband). For example, if you're a runner, I bet it would be useful to have a little pocket for a key on this thing. But, I didn't go that route with this instructable as I really didn't think it would be comfortable to wear anymore. Maybe I'll make something like that in the future.
For now, here are the instructions and pattern on making this very cute bow bracelet/hair band! Enjoy!
Step 1: Pattern for Bow Bracelet Hairband
About the material: I used a very soft stretchy material - a cotton spandex mix. Try to use something that has a good three inches of stretch to it. Please measure around your wrist before you cut out the piece. Everyone is different and you may need this to be larger or smaller around your wrist.
When you cut out the main piece, be sure the material is stretchiest along the direction that it will go around your wrist. And, if you can use a material that does not fray, that would save you some trouble in sewing. My cotton-blended spandex material doesn't fray, so I did not need to do any sewing along the edges.
My striped bracelet in the image is a cute vintage style. I cut the material out of an old vintage shirt that was uncomfortable and never worn. It was a little stretchy, but not that stretchy compared to the cotton-spandex material. It also needed the edges sewn in. So, I did a narrow hem along the edges with my narrow-hem presser foot (I also adjusted the tension to make it looser so it was easier to sew). Sewing the edges made this even less stretchy - so be aware of that. It is still super cute. But, I won't be using it as a hairband.
So, I would recommend using a stretchy, non-fraying material. Now, please cut out your pieces.