Here are my instructions, total cost $80 -not totally frugal but I think way nicer than anything bought or rented

Supplies

• 2 hat boxes with lids -mine are 12" and 14"
• Batting
• Material of your choice -mine is a Jacquard has the shiny and matte pattern
• Glue gun/sticks
• Spray glue-optional but helps keep batting in place
• Cording -I used the largest
• 2 tassels
• Styrofoam ball -5 inch
• Silk flowers -I used 15 stems
• Ribbon optional -1 spool of 1 1/2"
• White thread or dental floss to tie the cord before cutting

I got the hat boxes from Zellers, the Styrofoam ball and flowers from Michaels and the rest from Wal-Mart. I don't know exactly how much material, batting or cording I bought. I took the boxes with me when I bought the stuff and guessed.

If you want to have the envelopes fall to the bottom you will need to cut 2 holes. If you just want then in the top box, skip this step.

Batting:

First place the smaller box on top of the larger box and trace around the smaller box. Make sure it is cantered. Turn over the small box and make a circle on the bottom of the box; I used a plate as a template. Centre and allow 1 inch around the edge. Cut out the circle on the small box. Put the small box right side up on the big box, trace the hole onto the big box. Cut out the small circle on the big box. The tracing on the big box is to help line up the tiers.

Cut a slit in the lid of the small box. Mine is 7 inches long by ¼ inch wide.

I left mine so that I could still open both lids, you can glue the lower one shut if you prefer and cover the entire thing with batting. Make sure one lid opens, otherwise you won't get the cards out! *lol*

Put the lids on the boxes. Starting with the big box. Measure the height of the box up to the lid and the circumference of the box. Cut 1 piece of batting this width x height. Cut another strip the same length but slightly wider than the lid lip width. Measure the width on the top of the lid between the edge and the pencil mark. Cut a strip the same length as the others but by this measurement wide. The spot where the boxes connect will not have batting under it.

Now the small box. Cut a wide piece that measures up to the lid. Cut a piece slightly wider than the lid lip. Trace the lid on the batting and cut out the circle. The slit will be cut after gluing.

If using spray glue, cover everything with newspaper first. Take the lids off. Start with the big box. Lay the wide piece of batting flat on the newspaper and start to spray with glue. Use the seam on the box to line up the side edge, line the batting up to the bottom of the box and roll the box onto the batting. As you go along, spray more glue onto the batting. If you measured right it should match up at the end. There will be a space on the top of the side of the box with no batting. This is where the lid sits. Do the same with the lid. Line up the batting with the bottom of the lid lip and glue, starting at the seam. There will be a slight amount sticking up above the top edge. Now glue the piece for the top. Line up the batting on the piece that is sticking up from the edge of the lid. Glue the strip on the top of the lid. There will be a piece that has no batting, where the small box will sit.

Now do the same with the small box. Line up the wide side piece with the bottom of the box and glue on. Line up the thin lid piece with the bottom of the lid lip and glue. Spray the round piece; it should fit right on top of the lid. Make sure to press the batting down so that it adheres properly.

Now for the Material:

Big box side. Measure the material so that it has 1 inch (or little more) allowance on the top and bottom. Leave a small amount extra in length, to fold over and finish the edge. Take the lid and trace it on the fabric. Trace the inside hole too. Measure the width of the side of the lid. Add allowance for the side of the lid to the circle. The material will wrap over the top and down the lid and be tucked up inside the lid. Add an inch allowance to the outside circle and on the inside circle for the hole. (make the hole smaller) Now cut. If you didn't make a hole in the box, then don't cut it out of the material.

Small box. Measure the same way as the big box. 1 side part and 1 lid part. But for the lid do not worry about the slit, it will be made later. Cut these out.

Start on the big box. Glue gun the edge to where the seam on the batting is. Wrap it around and tack the edge 2 inches from closed. Take the edge and fold over and glue. This makes it a finished edge. Then glue down the edge overlapping the start point. Face the bottom of the box up. Cut the material about every 2 inches, just up to the box. Fold over the pieces and glue to the bottom of the box. Only pull enough to smooth the material, not to make it off centre. The top part now. On the inside of the material, run a bead of glue along the batting where it meets the box. Smooth up the material as you do this. This secures the material to the box. Glue the remaining material to the inside of the box. Fold the material over the edge of the hole and glue. You will need to make cuts like on the bottom. If the top part creases, its ok, the lid will cover it.

Lid for the big box. Cut snips into the allowance for the hole. Centre the hole and fold the material over the edge and glue inside. Don't pull on the material. Run a bead of glue around the edge of the batting and smooth the material out as you glue. Just the edges need to be covered now. Tack the edges to try and get it as smooth as possible in the front. You may have a crease or two form, but try to hide them in the back. Start in the front and glue the edge under the lid. Cut the allowance as needed to get it to lay flat inside.

Small box. Glue the material on the side of the box in the same method as the big box.

Small lid. Cut the slit into the batting. Cut a rectangular piece of material that is 2 inches longer than the slit and about 4 inches wide. Place on slit, trace length of slit. Cut slit. This does not need to be perfect. Cut into each corner to make tabs to pull into the silt and glue underneath. Place material on slit, push tabs through slit and glue to underside of lid. Pull slightly to smooth and glue top to batting. Centre round piece on top. Mark slit on round piece. Cut open, make small tabs and fold under and glue to create a finished edge. Place round piece on top of lid and glue down the edges of the slit to the lid. Smooth out the fabric and tack on the edge of the lid. It makes it easier to get it flat. Then do the edge of the lid like on the big box.

Now the Cording:

• Start at the back. Glue down the end. Glue as you go around and when you get to the start, measure where you need to cut, and tie it with thread. Tie another thread up a little and cut between. This keeps it from unravelling. Cut and glue to the start point. Cord the lids and the bottom of the big box first.
• Now glue the little box to the lid of the big box. It will be easy to place because there is no batting on the big box, in the spot where the little box sits. Make sure to line up the seams in the back. Then glue the little box down. Now cord the seam where the boxes meet. 
• Cord around the slit.
• Assemble. If you want to glue the lid of the large box down, it can be done now.
• To make the cord circles just wrap the cord around itself, into a tight circle, gluing as you go to keep it flat. Go around as many times as you want to make it as big as you want. I went around 3 times. Make 2.
• Decide where you want to put the tassels and glue the tassel on. The circles will cover the cord up. Put the circles over the spot where the tassels are glued on.

Make the Flower Topper:

• Cut the Styrofoam ball in half. Cut the stems off the flower leaving about 1-2 inches from the head of the flower. Stick them into the Styrofoam to get an idea of placement. Take them out. Put glue in the holes and stick the flowers back in.
• Cut loops of ribbon so that they can be glued to the edge of the bottom of the flower topper and the ribbon sticks out slightly from the flowers. Centre and glue the flower topper to the lid of the small box.
• I added a seal on the cord circles. Made it first then just glued it on.