Quite a few WAHM make their own but the names elude me at the moment - will have a scout around for you. Pumpkin patch sell some for about $10 and you could get away with buying the smallest size from Big W in the big kids section depend on how big bub is.

I think the benefit of babylegs/huggalugs is that they are specifically made for babies and kids - nice and soft and the elastic is gentle so it doesn't leave any marks or get too tight. Maybe wait for some specials??