my take on it was this way...
Ionic bonds are really greedy. In something like NaCl, Cl REALLY wants that extra electron, and Na would really like to get rid of it. So Cl essentially takes Na's extra electron, making Na+Cl- (an ionic bond.)
Covalent bonds are when they are content with just sharing their electrons. This goes for any C-O or C-H bonds. H would like another electron, but isn't as crazy about it as Cl, so if H gets Cl's electron sometimes, and Cl gets H's electron sometimes, they are content. Same with Carbon and its bonds. It isn't electronegative enough to completely steal the electron (a la ionic bond) but is content sharing its electrons in 4 bonds, as long as the electrons are being shared, and it gets the other atom's electron occasionally too.
In covalent bonds, the 2 electrons involved in the bond are kinda floating inbetween the 2 sharing atoms.