Pretty much all my costumes end up on the thrifty side, since I'm sort of broke.
My Soul costume (http://www.cosplay.com/costume/432729/
) was actually very cheap.
Suit: $6 Men's '30s Gangster costume from Walmart (Bought post-Halloween XD)
Shirt: $4, red felt
Headband: $10 or so; it's a dyed sock safety-pinned closed in the back and the patches are just painted felt
Wig: $9, white felt
Teeth: $6, sharpened fake nails and denture glue
Lenses: $25, Pinky Paradise
So in total, $60. And a lot of cosplayers don't even use lenses, so sans the lenses, it's about $35.
Ryoga Hibiki (http://www.cosplay.com/costume/432733/
) was even cheaper...
Hair: $3, not a wig, just heavily teased and sprayed with black hairspray
Headband: $1.50, yellow bandana from Hobby Lobby with black triangles painted on it
Shirt: $5, yellow t-shirt from Walmart with slits cut in the sides and the front
Belt: $3, black knee-high sock
Pants: $10, men's sweatpants
Leg ties: $2, yellow yarn crocheted into chains
Shoes: $8, Tom's knockoffs from an accessory store
Aaaand for Ryoga, $32.50.
(The overall lesson being that nothing is more useful to a cheap cosplayer than knee-high socks...)