There is a wide selection of drywall dust separators on the market from $50 or so on up to several hundred dollars for a nice Festool extractor. Being a DIY homeowner, taping drywall is not a full time job and doesn't warrant spending the money, so I decided to make my own with about $20 at the local hardware store, This price can be more or less depending on how you make it and what items you might have lying around, I could have used an old bucket but opted to buy a new one for this project, about $5 for bucket and lid at Lowes.
Step 1: Shopping List
1 - Bucket and Lid
1 - 1" schedule 40 PVC pipe, cut in several sections: 1 x 12" and 4 x 1 1/2"
4 - 1" PVC female slip to male threaded
1 - 1" PVC threaded coupling
1 - 1" PVC slip to threaded coupling
2 - 1" PVC slip 90 degree elbows
1 - 1" PVC female slip to male threader 90 degree elbow
PVC primer and glue
All purpose PVC glue
Hacksaw to cut PVC pipe
1 1/8" spade bit or hole saw (I used a 1" spade bit and widened the hole with a box cutter)