USMCStang gave good advice.
My set up cost a little more but not much.
$10-20 DIY hammock
$30 Guide Gear 12x12 or Chinook 12x9.5 tarp each is 2lbs.
Amsteel line. Learn to make a whoopie sling. West Marine etc has it .20 per foot. You need about 30 feet $6
Cut webbing from a tie down strap from Walmart for Tree hugger $10
Insulation thats the bugaboo. Walmart pad until you can afford a UQ
This thread may help too.