Currently doing my first cosplay. Yes, it was expensive. I'll break down the materials
Cloth: Jo-ann's bottomweight cotton cost me a bit - 15 bucks for 1.5 yards, plus another 7 bucks when I messed up big time on the top. So... $27 total
The scarves each cost 4.18 per yard (I am NOT pleased with the material, but that's another story), and I bought overall 2.5 yards, so that's around $10.45 for that.
The cape was muslin - 2.99/yard. I bought 1.5 yards. That's $4.49
If you want to count things that I eventually didn't use, I also got a crappy lining which I eventually ditched because the lining was beyond my skill limit. It cost another $7.00
Total for cloth: 27+10.45+4.49+7=$48 (this includes mistakes you will probably run into at some point)
POINT: Look for deals at Jo-ann's. I realised this only quite late in my cosplay, but if you wait for deals and gather up coupons, it greatly decreases the price of cloth. That was my mistake and that's why I ended up spending so much.
Tasseling: I bought tassels from Walmart. For the time being, they were the best deal to me. $6.68 for all the stuff I believe. I also bought ribbon - 3.27 for a spool of wired ribbon, and 0.47 for another spool of ribbon which I will also be using in other projects, so it's not such a loss.
Paint: I needed paint for my costume. To be more specific, fabric paint. I bought four tubes for eight dollars or something, and then I needed to buy another one for four bucks. I can't remember too well the exact pricing, so I'll estimate
Jewelry: Still ongoing. I bought some beads for $6.18 and supplemented with my own beading collection (dollar amount ???). Just bought teardrop beads for another $5.00 but luckily I have way too many bugle beads to count so I'll be using those (cost is probably $1.50 since I bought a whole bunch at a clearance sale at one point) I actually bead in my free time, so this isn't such a big del for me as I can use leftover beads to do other things 8D.
Beads: honestly, I'll only count $11.18, but the price is probably more like $15.00
Boots and Wig: I haven't done these yet, but I'll anticipate those being a huge bulk of the cost by themselves. I'll estimate 20$ for boots and $30 for wig. :| So $50?
Overall cost: $48+$10+$12+$11+$50 = $131 (anticipated)
Oh, one more thing: I chose a pretty detailed cosplay. The first mistake I made was to cosplay Terra, which is excruciating both in terms of cost and time investment. So... if you don't feel like the investment, you should probably choose another cosplay (my reasoning to spend so much on this is that after this year? I have no free time at all! Yay! I'm in a university programme which sucks up as much time as possible, and I don't anticipate having any time to do the frivolous stuff I did this summer, so I might as well go all out. Essentially, this will be my last cosplay for a couple of years until I get out and get a job (maybe? hopefully? Blah.) ). Anyways, coolstorybro aside, Final Fantasy costumes with lots of Amano details? Expenseeeve.