Make It and Love It shared a tutorial for turning a purse into a padded camera bag, so I gave it a try.
Purse or tote bag
1/2" thick foam
About 1 yard of fabric
I found a purse with a shoulder strap at a thrift store for $7, and the velcro and foam cost another few dollars. Total cost for this project was around $15.
I went with a solid gray fabric since Zach and I will be sharing this bag, and I didn't want to make it too girly.