Binding goes all the way round the quilt: the perimeter is twice the width plus twice the length. Add about 10 in for the corners and for joining the ends.
Strips are cut across the fabric (about 42 in long) and joined end to end with diagonal seams; each join uses about one strip-width of length, so each strip counts as 42 in minus the strip width.
The fabric to buy is the number of strips times the strip width, rounded up to the next ⅛ yd. 2½ in strips make a standard double-fold binding; 2¼ in a slimmer one.