Fold a piece of paper lengthwise, then unfold it. Now fold it again, the short way, and leave it folded. Fold once again, in half, along the short side.
Flip the paper over and fold the other half again so that the result is a "W" (or an "M"). Unfold the two folds, take scissors, and cut along the lengthwise fold so that you have a piece of paper with a hole in it.
Leaving the paper still folded in half, fold again along the lengthwise fold. The result should be a folded booklet.