2 valances from JC Penny Bargain bin - $1.00 each
1 Ratty old Terrycloth Robe - free
1 old belt - free
1 light saber from any store - approx. $7.00
Some imagination and sewing skills. - priceless
Step 1: Make the Outer Cloak
You can use any leftover fabric, but my wife lucked out and found 2 valances in the JCPenney bargain bin for a buck each.
2 valances - $2.00
Cut the valances in half, sew the valance tops together on 2 of the pieces. (see image2). Fold the ends in (image2) and sew the tops (Image3). The sewn tops will be the shoulders of the cloak.
These particular valances had a silky edge band running along the bottom edge. This is depicted by the darker brown stripe on the following images.