I have NEVER paid more than $130.00 to make a queen size quilt. I buy the fabric on sale, the batting (wadding) on sale and thread as well. I shop thrift shops, go to garage sales and on occasion have purchased a bed sheet for the back of the quilt. I just made a 69 inch square quilt top for less than $10.00 with fabric purchased at a garage sale.
There have been quilts posted made of men's 100% cotton shirts, skirts, etc. that have been cut up into squares and etc. They are beautiful quilts.
"Where there is a will, there is a way", as the saying goes. I would suggest you find a simple pattern and use color for your more complicated design element within the simple pattern and you will be amazed how little fabric you really need to make a stunning quilt.
I hand quilt my quilts as well, but yesterday I tried machine quilting for the first time. It is not easy and I admire those who can machine quilt on their home machines. I much prefer hand quilting, but I don't have the time to do all of my quilts by hand, so those I am donating I am going to try machine quilting. If they do not look good, I will just remove the machine quilting and do them by hand....oh, for more time...