Or the Teeny Tiny Felted Tote.
This was a thoughtful gift from my SP in SP11, Crafty Drama Queen. She included everything, the needles, the yarn, the pattern and the button.
I changed the pattern a bit though. It's meant to have a narrower flap. I prefer a wider flap on my bags, so I went ahead and changed it. :)
I also added an i-cord which I felted along with the bag. To fit it, I just poked a 5.5mm needle through and made a hole which I threaded half the i-cord through. (the cord rather than the cut end is better here)
Two holes each side for the two straps. and nice little knots to hold it in place.
I've also dried it in a specific shape to allow for good closure at the top.