Yes, there is an easy way. The link above is a page that shows a video about the Olfa Rotary Circle Cutter for fabric. You can buy it at Joanns, Michaels and probably Hobby Lobby. They cost around $24, but with the JoAnn's 40% off, it's a great buy.
I use it and love it. You can set a range from 1 1/2" to almost 9" circles, too.