Let's start with the finished product:
I started with 2/3 yard of main fabric, 1/2 yard of secondary fabric, and 1/3 yard of last fabric. I chose the home fabric from Joann's that is thicker than regular fabric (but not upholstery fabric). The main fabric is folded in half. The other two are cut to fit.
First, fold over one long edge of second and third fabric and sew to create sharp edge.
Then, fold all sides (except top folded over edge) of main fabric in about 1" to create sharp sides and bottom.
Starting with the second fabric, fold edges under and around main fabric folds and iron in place (bottom and sides). Then, repeat with the third fabric (around and under bottom and sides). This makes the bottom thick with three fabrics folded on one half, and one fabric folded underneath. Pin and sew a square around the whole thing.
Fold into eighths and iron. Sew on each crease to create eight pockets in second and third fabric (16 pockets total).
Attatch label (I used iron on printed label).
Cut extra thread, find a great matching ribbon to tie the thing up with and presto! Your very own knitting roll. Enjoy.