I have been making little 3 x 3" envelopes and had lots of white paper left over, and was wondering what do do with it. I did a bit of web browsing and found these lovely little notebooks on http://www.cremedelacraft.com
I did not use the cereal boxes but corrugated card, of which I had lots. Hunted through my button box for appropriate coloured buttons and used cotton twine for the closeur's, scrap coloured paper for the spines. I rounded the corners with my corner punch. I am very happy with these, which not only look good but I was able to use stuff in my scrap box and stash that I had on hand.