This short free tutorial gives quick instructions on how to tie elastic. Bead Shack recommend Beadalon's ELONGA brand. It is even easier to use stretch elastic when you use a 'bead stopper' gadget - it stops the beads from falling off the end as you thread.
Elastic is fabulous for making inexpensive bracelets. If you are using heavy beads, use a thicker elastic (if the holes in the beads allow it). You can alternatively use 2 strands of thinner elastic.
The kids have heaps of fun stringing for hours if you give them some elastic and seed beads! And using elastic for bracelets for sale at eg a market stall, means you have a higher ability to sell bracelets to fit different sized customers.
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