While we're one the theme of felt, here's an idea my friend Sarah gave me of making a felt board out of a pizza box.
Pizza box- call around to local pizza places to get an unused one for free or very cheap
Felt- Large enough to cover top of box
1. Cut your felt to the dimensions of your pizza box.
2. Glue the felt onto the inside of the top of the pizza box.
3. Open box and use as a felt board
You can even store your felt stories in the box! Try using a personal pizza box for a travel sized felt board!
Here's an idea of what the flannel board will look like: