I call these 'Book Blossoms' and unlike regular bookmarks, these don't fall out or get lost.
I came up with the idea when I needed a quick project for a women's retreat at church. The ones we made were a regular bookmark (see the picture at the end of this post) but I always wanted to make an elastic version after seeing my good friend, Linda, use rubber bands as bookmarks.
These also make great little gifts when you need something in a hurry. Not only are they cute, but they are really easy to make. You just need some scraps of material, 1/4" wide elastic, buttons, and some scraps of interfacing.
I've found an old used CD makes a perfect template for a yo-yo. I usually fold a few layers of fabric together and cut several yo-yo's at once. (I wouldn't recommend more than 4 layers, it's not as easy to cut.)
You can either trace and cut with a pair of scissors or use a rotary cutter. Cut a 1" inch square piece of interfacing for each yo-yo. Then round the corners on the interfacing square to make a circle.
Fold over the edge of the fabric circle and finger press as you sew a basting stitch (a basting stitch is just a long running stitch) and gather around the edges. Hmmm. I just noticed how fat my fingers look.
As you sew and gather the stitches, the yo-yo should start to form. Just before you finish the outer edge, slip in an interfacing circle to give the yo-yo some stability. (You can skip the interfacing if you don't have any but it does help.) Yup, those fingers really are fat. Like little white sausages.
Cut a 14" long piece of elastic. (This is for a standard paperback. If you have a larger book, adjust the length of the elastic accordingly.) Put the ends together to make a band (be sure it's not twisted) and overlap the ends by 1/2" then either hand-sew or zig-zag stitch across the ends to tack them together. Then sew the band to the back of the yo-yo. You can hand sew it but it's much easier to use the sewing machine. Just flip the yo-yo over so that the top is on the bottom and center the band over the back of the yo-yo. Sew it just as you would a button.