I like to call this little guy a Disco Pouch.
Ever want to go out dancing, but don't want to take your purse? Disco Pouch. Want a super cute place to store all of your little items - lip gloss, credit card, spare change? Disco Pouch. It fits on your wrist or you can use the wristband part like a little purse handle - your choice.
I've been using this one for a couple days now and it makes me want to make a whole bunch more of them - in all sorts of sizes and colors.