A while back I post about a DIY that I found for a lanyard. Total cost was about $10-15. Not to shabby. I thought that I would make one, but as I rummaged around the house, I came up mostly empty handed. I did find a few things that I could improvise, so after a quick stop at the craft shop I was ready to go.
I used 75 lb hemp string for the lanyard that I had laying around the house. I then added some wooden beads that I bought, 70 beads for a buck. Intermixed these with a few swivels and a knot of the back and I was ready for the water! I made the tippet holder out of some Dacron backing and two more swivels. Total cost? Somewhere between $3-4. Gotta love being cheap. :D