My current quilt, the cost of thread, it is scraps, the previous, about 50.00 including batting. I try to keep everything under 100.00 including the batting. I get fabric off Ebay, Esty, at garage sales, thrift shops and such. I will piece the back, and that also helps save on cost. (Plus I like the look of the back pieced.) My patterns and books are even used!
I have to stay on a budget, but I don't feel like I have compromised in quality. I tend to make art, scrap or crazy quilts and I like how the challenge of buying "altenatives" leads to creativity.