This is the simplest friendship bracelet you can make often called the twist or Chinese staircase.
All you need is 4 pieces of string (I use embroidery thread). Wrap the thread around your wrist 3 times to get the length you will need and cut it to fit. Knot the threads together then secure them somewhere to enable you to do the knots. Using sticky tape to held the threads down to a table or something works well.
Once it is secured, select the colour you would like to start with and pull it to one side, then place the end of it under the rest of the threads to create a 4 like so...
Next loop the end of the thread over the rest of the threads and under itself on the other side. See the picture below...
As you do the knows it should start to twist itself. If it doesn't you might need to wiggle it a little with your fingers.
Once you have done it over and over and use up all the threads just tie a knot at the end with all the threads to seal off the friendship bracelet.
If you want to add any little embellishments like the key bead I added, simply thread it on when you are doing one of the knots. When you tighten the know it will secure the bead in place.
These are really easy to make and something kids can do too.
I made these for Lesson 23 - Forgiveness in the Young Womens Manual 1 and attached the quote printed on card "Forgiveness is the key to eternal happiness". I also made little paper bags from scrapbook paper and placed in the bags the quote from President Spencer W. Kimball, the story at the end of the lesson from Corrie ten Boom, which I rolled up and tied with a ribbon, then lastly I printed the scriptures from the lesson too and placed them in their too. The girls loved it.