3/8 yd fabric (~$1.50)
iron & ironing board
All you do is iron in a 1/2 inch seam on each of the edges (be sure to add water for steam). No sewing required!! These are so easy and versatile. The best part is they look nicer than cheap table cloths and are so inexpensive that you don't have to feel guilty about throwing them away if they get stained.
This whole set cost less than $40!!