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Picture of Make Your Own Mod Podge

Step 1: What You'll Need:

Picture of What You'll Need:
Half a bottle of school glue Water
 
Are there by anychance reports of how well this holds up and/or how the finish compares?
This article explains it well, but to sum it up... the school glue and water  is okay for short term projects where quality or durability is not an issue.

For a higher quality product, use higher quality glue and filtered water.

^ LOL