I had to come up with a last minute costume for a themed party in one day and Lady Liberty was very cheap and easy to make. I bought one of the foam crowns for I think $3, which you can find at any craft store such as Michael’s or Jo Ann’s. I took a plastic cup and a toilet paper roll and hot glued them together for the torch. I already had blue paint laying around to paint both the crown and the torch and extra tissue paper to make the fire. All I did was fold the tissue paper and glue it inside of the cup.
Finally, I bought some blue fabric and messed around with it until it twisted up just right and then I pinned it together. The fabric was probably the most expensive part of the costume, but it was on sale so I got it for $6 for one yard. The tie around my waist was something I found from a previous costume, but it wouldn’t be that expensive to purchase ribbon or rope.