Beta chalk bag
This is a chalk bag bag pattern for climbing, with a pattern that loosely mirrors the strap pattern on my Mammut Focus climbing harness.
It uses far less than a skein of each color and is good for using up small amounts of cotton yarn.
Gauge is not crucial as long as you can fit your hand inside the bag and, if you are not adding a lining, the stitches are tight enough not to let too much chalk out.
You can also find this pattern and a longer description in this blog post: http://knitbyahenshop.wordpress.com/2014/02/02/beta-a-cha...