Paper Bag Journal

I've been searching for weeks now for the perfect journal. I've been looking for something that won't cost me an arm and a leg. I love the handmade journals on Etsy, but they are still out of my price range. This would be my first art journal, so I'm kind of scared of spending too much money on it. Being a little crafty, I decided I wanted to try and make my own. So, I've been searching for the best way to make one. I want one that's at least 5x8 (or something similar). I want a good sized journal, not one of those small ones. I wear big purses anyway, so I don't need one of those "purse-sized" ones. I've been reading up on hundreds of articles of different types of bindings and sizes. I've found some cool ones that I want to try someday, but not one that I feel is right for me for right now. But I came across this video, and thought it was really cool. I think the guy in the video was making it for his young son, but I think I can make one work for me. Its very inexpensive, and I won't feel bad if I make mistakes (even though mistakes can be art too). Tell me what you guys think of this video! :]