Use either padded fabric, or any other leftover fabric.  (A little bit of fiber fill if you are not using padded fabric)

a small piece of thread.

Even super tiny scraps work. Cut off excess and un-tie.

Make a rectangle that is as twice as tall as you want your pencil grip by 3/4 of and inch.

pencilgrip_01Fold the fabric in half right sides together so that the rectangle you make is now the height you want your pencil grip.

Sew along the long side and turn right side out. (You can use your pencil to help you)pencilgrip_03

If you are using an unpadded fabric, stuff lightly with fiberfill.

Fold the ends of the fabric in and match.

Sew along the short side and trim excess thread.

Place on pencil and enjoypencilgrip_04