Project 3 - Felting Failure, Another FUI (Finished Ugly Ignominy)

My next knitting project was another knit- in-the- round. I'm addicted, right? Too bad I didn't view a copy of Pursenalites first. Since I didn't have a pattern or knowledge, I goofed -- add this one to my FUI list. The mistakes I make!
1) I didn't know how to eliminate the color change jog at the beginning of the new round, 2) the knitted proportion was way off (the height shrank too much & the width not enough for a purse), and 3) I didn't have any notion for finishing - all ready-made handles seem too small. What's do you think? Should I cut it to make coasters?
Postscript - I ran a search on felting failures & mistakes. Ladies, I join your league: Major Knitter, Keeping Me in Stitches, Knit Once, Purl Forever
Pattern - I wish!
Yarns - Lopi, 100% wool, 110 yds, 3st / in
Learnings - Felting, striping, color changes

Project 1- Learn to Knit (or Don't Feel Bad, See! We All Start Somewhere)

I began knitting in 2005. Whatchamacallknit is my knitting journal – an odyssey of what I call beginner’s 'obstacle knitting' (so much to learn, so little time).

Knitting has been such an illusive dream for thirty years --
I don’t remember how many times I attempted to learn without success. I learned to sew, crochet, macrame (remember that?) and needlepoint. But why not knitting? Then three elements converged -- an experienced knitting buddy, the discovery of circular needles and on-line information -- the Internet knitting community.

And now I’m happily knitting, learning, knitting...

This is a picture of my first project... Hereafter, I will call such a mishap a FUI (pronounced fu ee, like buoy) for Finished Ugly Ignominy (or Ignomiknity). Notice the holes, uneven rows, mistake on my initial, bad choice of colors (primary colors in the border for an adult scarf? What was I thinking?)

Pattern - None
Yarn - Red Heart, 100% acrylic
Learnings - Knit, purl, using two yarns, stocking stitch, garter stitch border, charting (my initial “R”), cast-on, cast-off.