The beginning is just like every other paper wallet.  fold into eighths, and unfold.  I can't make it any simpler.

Cut Between the folds on the side, like a normal wallet.  After folding the bottom and third flap in, like in the first picture, fold it in half.  find the part between the two folded in parts, sticking out, and cut a wide arch out.  When you unfold, the paper should look like this.

One major problem I have is that water and sweat seep into the wallet, making it fall apart and get ink all over my pocket and my money.  so, here is a solution.
Get clear packing tape, and cover the inside two boxes , on the bottom going around the Credit Card Holder.  When you are done with the three main parts (Top, Left of Hole, Right of hole), tape between the 2nd and 3rd rectangles, so if you folded it in half, you couldn't rip it.  After that, fold the paper in fourths, and put it in a big book for about a minute to let the tape fold in.

Fold the Paper in half, but with the fourths inside, and tape on the creases, like in the diagram. (I know, MS Paint sucks)  After that, fold the paper into fourths, and cut the tabs into a more rounded form.  Just cutting triangles off works good enough for me.

First, fold the tabs into their holes, so they stay together, like in the Paint diagram.  They should look like Picture 3.  After that, tape the sides together, so the wallet stays together and the tabs don't come out.  When that is done, tape some tape halfway onto the back of the wallet,and cut a v-shaped cut out.  This should fit around the credit card hole.
After taping the bottom, fold the wallet, and tape the outer fold so that it won't rip.  When you are done, you should have two boxes on the inside, and two on the outside.

Many people like to doodle on these wallets, giving them a personal touch.  Go nuts, what do I care.

Here you go, a paper wallet that will probably last longer than a leather one!