After looking around on the Internet at various tutorial videos I came up with an idea, it was not based on any one video, but used ideas from a selection of sources.
Here is a sneak peak at the finished Holder - this one is decorated for Christmas, but you could use any colours with any decoration (the possibilities are endless)...
So here is my latest How To... brought to you in pictures.
Beware: This is a post with lots of pictures!
To create this holder I have used the Spellbinders 'Labels Seventeen' dies, in particular the largest size.
Cut out 2 shapes in card stock, I used a double sided card stock (with the red strips on the front & a cream colour on the back).Dawn Griffith's Videos for this idea).
Trim this part piece so that it is only 1/2 the height of the full die.
Put both full pieces together & punch a hole in the top left corner - this needs to be the correct size to fit an eyelet through.