Here is my brand new homemade fly binder. It is modeled after my C&F boxes, but costs much much less. This is not something you can bring to the stream, but a great storage method for excess flies, and a nice presentation if you plan on selling your creations (which I am).
Materials: High Density Foam Sheet ($0.39/ea), Superglue ($1.49/3 tubes), Razor Blade (?), 3 ring binder (?). All things can be purchased at a craft store, binder and razor knife you may already have. See step by step pictures below...
Work Time: 15 minutes.
Total Cost: $4.00.
Step 1: Get an area to cut on. I us a scrap 1/2" piece of plywood.
Step 2: Cut uniform measured strips of foam (I used my mat cutter here to save time, you can use a ruler and a razor knife). I used a single layer of foam for my strips b/c my binder is for small flies... you can double up or triple the foam sheets to use for larger flies (glue the sheets together before you cut it into strips). Once you have all the strips cut stack 6-8 strips together and use the razor blade to cut slices (like C&F foam). 
Step 3: Super glue the strips on a binder. I also superglued strips of cardboard to keep space between the binder so you don't squish your flies.
Step 4: (optional) You can add inserts if you would like. I used an old scrap mat board to glue more strips on, punched three holes and it gave me space for 400 more flies! 
Step 5: Organize your excess flies and enjoy! This binder is for approximately 1000 flies #16 - #30 (yes it actually holds #30 sized flies nicely!) There is unlimited potential here so feel free to modify my design. For example.. You can glue the whole sheet of foam on and make long slices in the foam for big flies (see C&F streamer boxes), you can use small plastic shell boxes to create fly boxes to bring to the stream, you can use a zipped 3 or 4" binder to fill with inserts to bring big streamers on a bass boat. It's up to you!
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