Im always on the lookout for new storage solutions like this easy ottoman DIY.
Also, pro-tip, you could get an empty pickle bucket from firehouse subs for $1.
Step Two
Cut small holes into the foam.

Measure every few inches with the ruler and mark the spot you will cut using a marker.
Step Three
Add on the batting with glue or a spray adhesive.
Cut the holes through your batting as well.

When you get to the end of the fabric, simply glue the rest of the fabric down.
This works best if you use a stretchy fabric.
Destined Creativity via YouTube video.

This will keep things from getting snagged inside the bucket.
Glue the bottom of the fabric to the bucket as well.
Step Seven
Using a poster board, create a backing for the bucket.
Glue this to the inside of the bucket.
Repeat the process you did to cover the bucket when covering the lid.
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Step Nine
Cut down all the extra fabric.