I started out with a DIY hammock with ripstop nylon from the local fabric store. If you're good with the machine perhaps you could find a deal/discount/clearance/coupon at your local fabric store. That project was a total of $21.33 with suspension, and used my sleeping bag for insulation (started hanging in summer so it was ok). This link
from Just Jeff was helpful for me.
My first tarp was the $7 blue Walmart special (12x10 I think) with a few tie outs added with the machine. Just remember, it doesn't have to look pretty to begin with...it just has to work.
Later I added a few asym tie outs to the hammock and its been my go to for the last 9 months.
The first hammock is always the hardest decision to make because you don't want to "get the wrong thing." Honestly, I did rock-paper-scissors to decide
Edit: Watch the Shug Noob videos 4 or 5 times too. And check here