Tip #2: Chipboard is everywhere - the backs of writing tablets, cereal boxes, cardboard inserts. It is not always necessary to BUY chipboard. In fact, unless I'm using it for a class, I rarely use store bought chipboard. Before applying paint or paper to coated chipboard (like what is on cereal boxes) rough it up a bit with some sandpaper. Some of the best chipboard are the inserts used to separate the cans in Fancy Feast cat food cartons. So, think outside the box (or inside it). Crafting does not have to be expensive!
Case and point - recently Gregg and I took a trip to Las Vegas. We visited the Bodies exhibit at the Luxor and the CSI exhibit at the MGM and I bought lots of little souvenirs along the way. So instead of buying Las Vegas scrapbook paper, I used the colorful bags given to me in the shops. These were way better than scrapbook paper because they were themed exactly to what we did and better yet, they were FREE. If you don't like the slick feel of the bags, then slap them on a scanner and print the designs out on paper.
Fabric can also be used in scrapbooking. I find that there are sometimes a lot more fabric design related to my theme then there are scrapbook papers. I am a scuba diver. Have you ever tried to find diving themed papers? Yes, there are some fish papers available, but most are cutesy and not at all what I want to use in my scrapbook. But, there are hundreds of patterns of fish fabric available. I sometimes us the fabric and sometimes I take it down to the UPS Store, make a color copy and use that (that way I can use the fabric later for something else). Check out the remnant bins at your local fabric stores. I sometimes find a whole yard or more of fabric for just a buck. And while, in general, I tend to try and shop mostly at local merchants and avoid the chains, you can find great deals in the remnant bins at Hobby Lobby and Walmart. These stores also tend to have a larger selection of novelty prints than traditional fabric stores like Joann's.
"Doing it on the Cheap" can force you to be more creative and ultimately, you end up with a better, more unique project.
So go out there and create something (cheaply)!