UPDATED, July 2011:
Hey everyone! I recently went through my Tip Share posts, and have been slowly reworking some of them. After reading through my instructions for this Tip Share, I shook my head at myself. It was kind of long and kind of confusing, so I took some time to make a video showing you how to create a color palette in Photoshop Elements. I’d recommend clicking the fullscreen button to watch the larger size (it’s the fourth icon from the left, looks like an arrow inside a square).
Rather just download the free template? You can find that here.
Any questions, let me know. Hope you enjoy!