It is pretty easy to make and it would be perfect as a Valentine's Day gift for your girlfriend/wife! :)
Do the same with your piece of lace.
Put the lace you have just cut on the cloth rectangle and glue the sides together with super glue.
Trim corners to reduce bulk and fold all 4 sides creating a "frame" around the wadding. Glue with hot glue.
Put it aside for a minute. Meanwhile cut a 9x27cm (3.54 x 10.62 inches) rectangle out of the white cloth.
Glue this new rectangle on the frame around the wadding using hot glue to close it.
The base of your wallet is done! Now it's time to make pockets!
Put the lace on the cloth and glue the sides together with super glue, just like you did previously.
Trim all 4 corners.
Fold one of the longest sides (about 1cm - 0.39 inches) and glue it with hot glue. This will be the opening side of the pocket at the top.
Now fold and glue the remaining sides to the wallet. Glue the bottom first, then the 2 sides. Remember that the white part must be the inside of the pocket. (Take a look at the pictures, it's much easier to understand that way!)