If you want practice with the mechanics of building while saving a few buxx, visit your nearest thrift store and look at the leather jackets and vests. I gave $3 for a vest that yielded enough leather for two bags. No, they're not my best creations, but they have sure proven serviceable. The biggest shortcoming will be the lack of long enough leather for a strap. Either sew it together or carry the vest over to the used belt section and find something compatible. I paid 25 cents for two of them.
The bags I turned out were too light for my taste, so eventually I headed over to Wallyworld and bought a couple of yards of pillow ticking for under $10. I disassembled the bags and glued the ticking to the inner surface, improving the stitching when I reassembled the bags. Now the texture/weight of the bags is just about right for my tastes.
Counting the glue and thread, I never invested much more than $10 in those first bags. And the lessons I learned really paid off when I went to buy leather for my first "real" build- I had a better idea what to look for weight-wise, plus I made fewer mistakes. Good deal all around, and I still use those first two bags.