What you need:

Old plastic bucket
Plain cloth or paper (marble paper or recycled gift-wrapping paper will do fine too)
Scissors
Fevicol, any other glue or adhesive
Beads or tassels
Pencil
Cardboard

Lets Begin:

1. Take the bucket and stick a plain cloth or paper around it.

2. You can paint any design on this. You can paint floral patterns or just dab some colours on the paper around the bucket. But try this. Make geometrical patterns; draw outline of small circles and squares all over.

3. Neatly stick beads or tassels on these outlines.

Your waste paper basket is ready. You can even transform it into a small side-table. Here’s how you do it.

1. Take a cardboard and cut out a big circle. Make sure that the circumference of the cardboard cutout is much bigger that of the bucket top.

2. Paste a paper around the cardboard like you did on the bucket.

3. Place it on the bucket as a cover.

Your side-table is ready. You can place any decorative articles on it or use it as a coffee table.