While wondering around in Michaels you should make it a point to check out the section they always have for $2 to $1 items. I found a package of scrap booking paper that I thought would work well for this project and they were for only a $1. (Score!) I already had the Mod Podge, so I picked up a spray bottle of clear coat protector. (which goes with Mod Podge)
I cut up a soda box container and used that to work on. The scrap booking paper was a little too big, so I choose to cut them up into randomly sized pieces. I thought this gave it a more vintage collage look. I pinked a solid color for the back of the mag holder. I brushed on MP first and then put the piece of paper down. I went over the paper again with more MP to better seal it down. I placed the pieces in random directions all over the mag holder. (just not inside) Once I felt the MP had dried I took it outside and sprayed it with clear coat sealer. I did that three times; letting it dry for a full day between sprays. (This allows for better coating)
It turned out just how I wanted and its still looking great.