The WrapPack is a handy little zippered pouch that can hold some cash, id, and your phone in your jersey pocket on a road ride. It is water resistant and cheap.
Here is what it looks like with a few bills, some benadryl, id and a blackberry pearl in it.
And here it is next to a pack of 4 AA batteries.
I am curious as to why its not 100% waterproof, but it will keep everything dry on a couple hour ride in the mist.
You can pick it up at Excel Sports for $7.