I'm not a big fan of handbags for every-day errands (because they don't match any track pants and sneakers), and most wallets can fit everything I need like my phone and keys, so I decided to turn a simple wallet into a neat clutch/wristlet.
All you need for this is some pliers (with a medium to fine point, like needle-nose or larger), some studs (ebay or craft store) to match the existing hardware on the wallet, needle and thread, scissors and any dangly things you may want to attach.
.(click picture to enlarge)
I happen to have a long strap from another bag that also had brass details, so I cut it at the length I needed, pierced a new hole for the buckle and slipped the strap through the D-ring (which goes into the newly made hole and eyelet) You might like to sew the strap near the d-ring together to stop it turning. Using pliers open the charm links and place them wherever you see fit. Easy as... have fun!