Here is the final look at what I am going to be making. Start with a new document size 3 inches wide by 4 inches tall. Choose fill with white.
Go to file and choose place then pick the picture you want to apply the polaroid effect to and click open.
Control click the line between the picture and the rectangle shape in the layers palette. This creates a clipping mask.
At this point you can call it done if you want to add a little more jazz and some depth. In the layers palette right click the rectangle shape layer.
Click the blending options and a new window will open. Choose inner shadow and tweak the settings to get the desired look you want.
Here are the settings I choose. I turned the opacity down to 42%, made the distance 4 pixels and the size 3 pixels.
Save this as a template for future use. Place the picture you want between the picture and the shape layer. It will take on the effect from the first picture. You can then save the picture for use on the web or print it out for your project life binder. Enjoy! xo michaela