Put right sides facing together and pin. Leave a 2-3" gap half way down. Do not sew gap together. this will be where the ribbon gets threaded through. Remember to pin up you tassels on the INSIDE so that when you flip it back (right side out) the tassels are there. You could also just cut them off and re-apply.
The shaded portion of the picture above becomes the liner of this bag.
Turn your bag right side out. (Pull it through the 2 inch gap you left). It will be very long, tuck the top half into the bottom half (a s if you are tucking a tube sock toe down towards the sock opening)
Your bag is now lined, and has two holes on the sides.
Cut 4 yards of ribbon. Put a large safety pin through the ends of 2 pieces and thread through the holes, all the way around and back out to the other side of your bag. Tie together. Repeat starting on the other side.
Pull ends, embellish as desired,
and TADA! Cute Party Purse.