The second sheet (not perforated) should be retained for your records.
But I am running on too long and am at the end of my second sheet.
Once the holes have been punched, use them as a template to punch the second sheet of cardboard and the papers you will be using.
Just line up the second sheet of cardboard under the first and slip a pencil through the holes in the first sheet to mark the second.
Once done, peel the backing off the second sheet and carefully stick them together creating a colorful seasonal place mat.