After I purchased the chair I had been swooning after, I realized that to be truly comfy, I was going to need a footstool. Lucky me (again) I found this little beauty (project) the same day I realized I wanted one. The price? A cool $7.99. Solid wood, hinged lid, padded. Here's it's journey to refinishing to sit with my beautiful newly refurbed chair...
BEFORE:

AFTER:

I dismantled the padded top after I had already dismantled the legs and the wood base to paint it. All that took was a light sanding, a coat of spray white paint, and then 2 coats of Heirloom White paint. The fabric from the topper was used to cut the right size of the new fabric:

Close up of the fabric (which I purchased nearly 2.5 yards of for $6.50 on clearance + 50% off at Joanne's this weekend)

I was able to re-use the foam top, and simply pulled the fabric around and stapled together, doing the corners last. I think reattached the hinges, and stapled the black "slip cover" sheet again to the back.

Padded topper before re-assembly:

And, FINAL PRODUCT:

Total cost:
Footstool: $7.99
Paint & Primer: $0 (already had a pint of the paint, and a can of primer)
Fabric: this portion of fabric maybe cost $.50?
We'll call it $9. :)