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Choose your wrapping material. Iron the paper or fabric if necessary. Cut the wrapping to the right size. Cut a center strip if needed. Apply the center strip. Fold the long edges of the wrapping. Fold the short edges of the wrapping paper. Place the cover on the binder. Spray fabric covers with adhesive and fold onto your binder. Finish the insides of your binder. Decide if you want to add more decorations to your wrapping.
There are a wide variety of things you can make your cover out of, but perhaps the easiest and most versatile choice is paper. Paper covers are easy to work with, and easy to switch out if your mood and interests change, or if you want a new cover for a new season or holiday. Consider any of the following:  Paper grocery bag: This old standby is quick, easy, and usually free. Plus, it's fairly durable. The plainer your bag is, the more you'll be able to add later in terms of drawings and decorations. Wrapping Paper: A little less durable and a little more expensive than thick paper bags, but the patterns and designs can make your binder look quite stylish! Save the remnants after you wrap gifts, and scope out sales on wrapping paper after holidays have passed to snag awesome patterns and designs. Printable cover: Try using a search engine to look for "free printable book/binder covers." You should be able to find a good selection of free templates you can print off at home — be sure to pick a design that's the right size for your binder! While you certainly don't have to, you may like the look of neatly ironed paper or fabric. If you are ironing fabric, simply choose the correct heat setting as indicated on your iron. If you're ironing paper, you'll need to take a couple of extra steps:  Begin by lightly misting the wrinkled paper with water from a spray bottle. Place a hand towel on your ironing board, place the paper on top, and then place another hand towel over the dampened paper. On a low-heat setting, iron the paper through the towel, checking every so often to see if the wrinkles are being worked out. Your wrapping material should extend past the edges of your binder when you open it and lay it down. Aim for at least ½ to 1-inch of overhang. If your material doesn't reach past the edges of your binder, it won't be able to cover it completely.  If using a paper grocery bag, cut lengthwise down one of the sides. Cut the bottom off and spread the paper flat. This will give you a single flat sheet of paper to use. If using wrapping paper or fabric, simply roll out a length of paper (or lay out the fabric), set your binder on it cover-side down, then cut when you have enough material. Depending upon where the rings are positioned in your binder, one side of the binder may be wider when it's open and flat (usually the left side). If you want a clean, finished look when you open your binder, you may want the center strip to be covered with paper or fabric, too. Measure the length and width of this center strip, and then cut a piece of your wrapping material to fit. This piece should fit exactly, with no overhang. If you have cut a center strip of paper or fabric, apply it to the inside of your binder, with either tape or glue. If you're using fabric, consider spraying the back of the fabric strip with spray adhesive, and then firmly press the fabric in place. Next, place your open binder, outside facing down, on the paper with the longer sides pointing to the left and right. If you are using wrapping paper or something with a design on it, make sure that the “front” of the paper is down facing the table.  Fold the top and bottom edges of the paper over the binder and lightly crease to mark to the fold. Remove the binder and crease the folds firmly in place. Note that you won't necessarily be able to get a crease in non-paper materials like fabric. You can feel free to skip the creasing step with fabric if you like. Place your binder back on the paper, lining it up with the creases you just made. Now, fold the paper over the short edges of the binder and make creases just like before. You may need to deal with the front and back creases of your binder one-at-a-time here — it can be tricky to keep both folded at the same time. Now, simply fold the long edges of the paper around your binder, followed by the short edges. Your binder should now have a cover that fits it snugly but not so tightly that it can't open and close easily. All you need to do is secure your cover in place so that it doesn't fall off. If using paper, tape usually works perfectly well. When removing tape, be careful not to tear the material of your binder. If you're using a fabric cover and weren't able to get a tight crease, no need to worry! Simply spray the backside of the fabric with adhesive, and place the open binder on it.  Begin by folding the top and bottom edges over, and then fold in the side edges. It usually works best to begin at the center of the binder near the rings and work your way out. Apply more adhesive as necessary. Cut two pieces of cardstock for the inside covers of the binder. Spray with adhesive (or line the edges with glue), and firmly place over the edges that you've wrapped around from the front. This will create a nice clean look when you open your binder. Congratulations — you've just covered your binder. However, you don't necessarily have to stop here — you've now got a blank canvas to work with! See the suggestions below for decoration ideas.