My daughter wanted a mini album of her own to decorate. She decided she'd like to have the envelope/pocket album so I helped her to make it up. It was a very simple/fast/easy/"frugal" album to create....here's how it goes:
3. Cover each side of your envelope with your choice of patterned (or solid) cardstock
4. Punch holes for comb binding (or choose a different binding method -- ribbon, rings etc.)
5. Cut two pieces of cardboard slightly larger than your envelopes and cover one side of each piece to form the front and back cover.
Here are some of the inside pages (my daughter went through the scrap bin and picked the papers she wanted in her album).