Finishing a quilt with binding can be the most rewarding part of a quilting project because all of your hard work is coming to an end and you can enjoy the fruits of your labors.  Or it can be the most frustrating unless you know some "tricks of the trade."  There are many ways to make quilt binding—some are quite simple; others very complex.  I'll show you the method I use; you can decide if it might be the right choice for you. 

Once you've finished quilting or tying your quilt, baste around the raw edges of the quilt (through the top, batting, and backing) ¼" or less from the edge.  These stitches can be removed after the binding is sewn on, if any of them show.  Trim the batting and backing even with the quilt top.  

Unless you want to take advantage of plaids set on the diagonal for a pleasant visual effect or if you have curves in the borders of your quilt, strait-grain binding (as opposed to bias binding) will work very well.  For straight-grain, French double-fold binding, cut strips 2½" wide by the width of the fabric (approximately 42"-44").  You will need enough strips to go around the perimeter of the quilt plus about 10" for seams and to turn the corners.  After the strips are cut, trim selvages, join them together and attach the binding following these steps:

With right sides together, join strips at right angles and stitch across the corner as shown.  Trim the excess fabric, leaving a ¼" seam allowance and press seams open (this will evenly distribute the bulk) to make one long piece of binding.  Trim one end of the strip at a 45° angle.  Turn under ¼" and press.  Fold the entire strip in half lengthwise, wrong sides together, and press.

Starting at one side of the quilt (not a corner) and using a ¼" seam allowance, stitch the binding to the quilt keeping the raw edges even with the edge of the quilt top.  You will want to leave 2"-3" unstitched at the beginning of the binding.  End the stitching ¼" from the corner of the quilt and backstitch.  Clip the thread.

Turn the quilt so you will be stitching down the next side.  Fold the binding up, away from the quilt with raw edges aligned.  Fold the binding back down onto itself, even with the edge of the quilt top.  Begin stitching at the corner (no need to begin ¼" away from the corner).  Backstitch to secure the stitches and continue on this side until you reach the next corner.  Repeat process on the remaining edges and corners of the quilt.

When you reach the beginning of the binding, stop stitching.  Overlap the starting edge of the binding by about 1" and cut away any excess binding.  Tuck the end of the binding into the fold and finish sewing the seam.

Fold the binding over the raw edges to the back of the quilt, with the folded edge of the binding covering the row of machine stitching.  Using a blindstitch, hand sew the binding in place on the back of the quilt.  A miter will form at each corner.  Blindstitch the mitered corner in place.