I can not take full credit for the rubber band wallet, however. My brother in law has been using a similar system for many years now.
I started this instructable mostly as a joke because I had destroyed my wallet. I'd originally intended to get another wallet, but I'm still using the rubber band method - In fact, I've improved on the design a bit. Instead of a rubber band, I'm using a hair band that I got for free from a girl at a bar. It's held up longer than any rubber band I ever had (even the nice black one) and still shows very little sign of wear. Also, stuff slides in and out of it easier.
I do have a problem with magnetic stripes wearing out, but I think I can solve this with some simple paper sleeves around the most frequently used cards.
Step 1: Collect materials and items to be walleted
1. A rubber band
Items to be contained in the wallet
1. Credit cards
2. Amusement park season passes
3. Phone cards
4. Store discount cards
5. Various membership cards
6. Business cards
7. Scraps of paper with phone numbers, etc written on them
9. Anything else that will fit nicely