Here's a free hobo purse pattern, super easy, you can make the handles any length you want and since the short handle slides into the long handle, there's a little extra added security for the purse part. And it's reversible.
This is the site showing the one I made.
http://www.quiltingboard.com/t-52707-1.htm
This is the pattern site
http://www.marthastewart.com/264167/reversible-purse