Mom used to have something like this. I've seen them at Michael's and can't remember how much they were, but I do remember thinking it was too expensive. Then I joined , I found instructions to make one!!!! It's actually instructions to make a hamper, but I wanted to use it to hold my yarn. The wood and hardware cost about $15 and the fabric I had on hand. The blue fabric is kind of plastic coated and was kind of hard to work with. I did make some changes on the bag (like I always do). I made the main part of the bag, and had separate pieces that go over the dowels.
Here's the finished project:
The other change I made was adding a lining and pockets to the inside. This allows me to keep my knitting needles, crochet hooks, patterns, etc. in it. I haven't dug all my yarn out yet and I'm not sure it's all going to fit, but it will definitely better than what I had before.
I may end up making another bag, but for now I'm very happy with this!