Moms are the ultimate multitaskers; at the park the other day I met a mom who was knitting some groovy socks while looking after her son. I used to be an avid knitter, but I had never seen anything like the little knitting pouch wristlet she was working from and I had to try tracking one down.
A super stylish option is the GoKnit Pouch from KnowKnits ($18; available at KnitPicks.com). Made of lightweight, ripstop nylon fabric (in hot pink, lime green, or turquoise), this pouch has a loop that can go over your wrist, belt loop, or purse strap and includes an interior snapped guide loop to keep your yarn in order. Measures 6 inches in diameter by 8 inches tall.