Ruler                                                                   Scissors
Pencil                                                                  Stick glue
Tacky glue                                                          Lightweight cardboard (cereal box)
20 weight white paper                                        Decorative paper
Mod Podge & Brush                                          Bone Folder

Using a ruler (a see through ruler makes it easier to measure) cut a piece of light weight cardboard 7/8 inch by 1 & 7/8  inches.   This is the template for the pages.  (Note:   You can cut a piece 1 inch by 2 inches and then trim off 1/8 inch on one long side and one short side.)
Fold the piece of 20 weight paper in half widethwise and then in half again.  (See above image)   Crease folds.   Using the template, cut the pages (four at a time) beginning at the bottom of the paper and continuing upwards.
Fold the pages in half.  Using stick glue, glue the pages together.   Outside of one folded piece to the outside on another folded piece until all are glued together.   Stick glue works best here.   Liquid type glue distorts pages.   One reason to glue pages together is for strength.
Glue as many 'pages' together to make the size book you want.
Spread tacky glue on the spine of the book (The folded edges that are glued together) and let dry.
To make the cover, cut a piece of cardboard (light weight) 1 inch by 3 inches.   Measure one inch from one edge.   Using the pencil, score the line and bend toward the line.
Place the pages in the book cover, and mark the line where the spine ends.  Again score that line. 
Then measure one inch from that line and cut off the remaining cardboard.
Using a piece of decorative paper, trim around the book cover.
Using stick glue, first cover the side of the cardboard which is the outside completely with glue.   Place on the wrong side of the decorative paper.   Now fold the decorative paper to cover the inside of the cardboard cover and glue down securely
Finally, using tacky glue on the spine area only and stick glue on the pages, attach the pages to the cover and let dry.
Optional:  Using a brush, coat the cover with Mod Podge to protect the cover.  That's it.   Your book is done.   It's easy.   It's inexpensive.   And it's fun.   Why not try one!