Since I am in the process of creating a toddler playroom on a budget, I recently made a magnet and felt board for under $4.
At Walmart, I purchased a cookie sheet for 92 cents, and a half yard of black felt for $1.99. Other supplies I used included four rectangles of cardboard (obtained from a diaper box), hot glue, and grosgrain ribbon.
First, I cut four rectangles of cardboard from a diaper box and hot glued them together to create one thick, sturdy rectangle. Then I wrapped the cardboard rectangle in black felt and secured the back with hot glue.
Second, I cut three pieces of grosgrain ribbon approximately six inches in length. After marking the center of the back of the cookie sheet and the center of the back of the felt board, I hot glued the ribbons to the back of the cookie sheet and felt board to attach the two together.
Finally, I attached a short ribbon to the top of the back of the cookie sheet as a hanging loop, making it small enough to avoid strangulation.
So easy! My toddler loves playing with this!