I wanted to do this the smallest possible because so they will fit anyways in my pencil case without occupy too much space.
It can be used for many other tools and craft too, you just need to adjust the small cuts size.
Step 1: WHAT YOU NEED
-leather or used inner tube;
Step 2: CUT
Do it long enough for all your pencils.
Step 3: SMALL CUTS
Two more external and two more internal, and so on. Where two cut end other two cut should start.
Step 4: HOW TO PLACE THE PENCILS
One up and one under the stripe, so they can stay really close together.
Step 5: CLOSING LACE
Make an hole at the end of the pencils organizer, insert the stripe and make a knot.
Roll it around the pencils organizer.