Alright, this is my first instructable so go easy. In retrospect, I should've taken pictures while I was making the costume, but everything is self-explanatory.
-Blue Long Sleeve Shirt-$6 at Walmart
-Blue Sweatpants- $7.50 at Walmart
-Red Single Panel Curtain-$7 at Walmart
-Pack of "Neutral" Felts-$4 dollars(I think) at Walmart
-4 pack of briefs(with red)-$8 dollars at Walmart
-Liquid Stitch or other fabric glue-$3 dollars at Walmart
-Velcro dots-$3 dollars at Walmart
-Red Socks-$5 dollars for two pairs at Walmart
This whole thing took me about two hours total construction time. Most of which was spent on the insignia. The rest was trimming the cape.
Step 1: The Insignia
First, copy the shape of the insignia onto your yellow or gold felt like I did (incorrectly I might add, but its artistic liberty now).
Then, cut the shape out in both the red and yellow(gold) felts by folding the two together and cutting it out, like a Valentine's Day heart for superheroes.
Next, copy the S onto the red felt you have now cut to shape, this includes the borders. Once that is done cut out all of the odd shapes that don't resemble a border or an S. I would suggest using a craft knife or similar tool, but I only used scissors.
After the logo is cut out glue the two together with a liberal amount of Liquid Stitch, don't worry about the mess. This stuff dries clear and wipes off easily.