Start out with the paper. Fold it "hamburger" style. Unfold it. Take one side of the paper and fold it to where the crease is in the middle. Take the other side of the paper and do the same. Unfold both flaps. Now, fold the paper in "hamburger" style. Unfold it.
Step 3: Step 2
Take your scissors and cut about a 1/2 inch on the 6 creases. Pictures show where to do this. Once you're finished, take one of the sides of the paper and fold it to the last crease (it's the third crease.) Now, fold the paper in "hamburger" style. When you fold the paper, you see there are two corners (on the folded area) that are different sizes. Take the smaller side of the paper and fold the corner to the crease (pictures show where to fold it). Take your scissors and cut off the edge you just now folded. Unfold the paper.
Fold the paper where you cut a slit into it (pictures show where to do this). There are four spots you need to fold. Take one side and fold it over the diamond (there is one side). Fold the other side to where the two flaps meet. Fold one side over another side to make a rectangle shape with flaps hanging out of it. Flip over.
Step 5: Step 4
On the side of the wallet, you see there are two openings and two flaps. Take the front flap (the first one that is to the front) and fold it back into the second opening. Take the other flap and fold it in the first opening. Repeat on the other side of the wallet. Now, you can put gift cards, money, etc. for anybody!