I made this pencil/pen holder with just a few supplies. You can go "au naturel" or get some paint to liven it up.

Step 1: Supplies:

Spray Paint (if you decide to color it)
4.5" Square piece of wood (you can use a different size/shape)
2 ~ 4' dowel rods -- 1/4" diameter
E6000 glue (or other wood glue)
20 Equal length rubber bands (this will vary if you change the size of the base)

Electric Drill
Ruler
Pencil

Step 2: Measure the Base and the Dowel Rods

The base is marked at 0.75" intervals.

The dowel rods are 4" long. I used pruning shears to cut the dowel rods. If they're not perfectly measured, no problem ~ it will add to its character.

Step 3: Supplies All Cut

For the 4.5" square base, I needed 5 dowel rods for each side based on the 0.75" spacing.

Step 4: Drilling the Holes

Using the drill and a 1/4" drill bit, partially drill a hole through the base at all the marked points.

At this point, if you choose not to paint, skip to Step 7.

Step 5: Prepare to Paint

If you choose to paint, decide on whether you're painting everything one color or multiple colors like I did. I decided to paint the base red and alternate the dowel rods alternating colors, blue and yellow.

Step 6: Paint the Pieces

Cover your surface with newspaper and color the base.

Then color the dowel rods making sure you rotate to color all sides.

Allow to dry completely.

Step 7: Attaching the Dowels

Add a small dab of E6000 glue to each hole.

Insert the dowel rod and firmly twist in while pressing to make sure it's inserted as much as possible.

Continue alternating the colors.

Allow to dry completely, overnight preferably.

Step 8: First Row of Rubber Bands

1. Going in one direction (let's say left to right), pull a rubber band over opposite dowel rods. Pull rubber band towards the bottom of the rods to allow for another layer of rubber bands.

2. Now going the opposite direction (up and down), pull rubber bands over those opposite dowel rods, right on top of the first set. At this point you should have formed small rubber band squares.

Repeat steps one and two. You should have used all 20 rubber bands.