These simple magnetic foam envelopes are great for storing assorted school supplies and CDs.
Cut a 9-inch square from the craft foam, using craft scissors or pinking shears to create a decorative edge.

Place the square on a flat surface and fold 2 opposite corners to the center, as shown. Fold up the lower corner so the edges slightly overlap the side flaps. While pinching the 3 folded flaps together with one hand, secure them from the inside of the pocket with packing tape.
Apply glue between the overlapped edges and place a heavy book on top of the envelope to keep them flat while they're drying.

When the glue is dry, attach decorative foam shapes to the front of the envelope with a brass fastener.

Glue the magnets to the back of the envelope, one at the top and one at the bottom, and let the glue dry completely before packing the pouch.