For Lukas we found a pair of red pants and black t-shirt the thrift store for a couple dollars. Then I made a belt from fabric I had. The hat is made from an old sun hat with the brim cut off and then duck taped (gotta love that stuff). The feathers are made from two layers of felt with wooden skewers in to hold them up. The sword is cardboard, more duck tape, a paint stir stick and paint.
So a few dollars later and I had two very happy kids. Lots of fun!