Classy yet cheap! What could be any better? ;)

Step 1: Materials Needed

A bunch of magazines
A pile of used paper
A pile of white paper
Thick transparent tape
Two used tape rolls
White glue
Water
A cloth of your liking
A hairband/ribbon/string

Step 2: Make the Head

Using magazine paper, crush a paper into a small oval. Wrap the second paper over the first, ensuring the surface is relatively smooth and the paper is still an oval shape.
Repeat for a few more times.
As the oval shape gets larger, you have to use the transparent tape to secure the new layer on the oval shape.
Continue until the oval is roughly the size of your head.

Step 3: Make the Stand

To make the stand, tape two uses tape rolls together on the inside and outside. They should be secured tightly to each other.

Step 4: Connecting the Head and Stand

Using clear tape, secure the stand to the base of the head.

Step 5: Making the Adhesive

I used white craft glue as shown in the photo. Pour 3 parts glue into a bowl and mix with 1 part water. The mixture should resemble runny but thick mushroom soup :D

Step 6: After Making the Adhesive

Tear your recycled paper into 2-3 cm thick strips. Dip them partially in the adhesive and paste onto your wigstand. Ensure each piece is smoothened out. Paste at least 4 layers of paper strips.

Step 7: Almost Done!

After adding a final layer of white paper, your wigstand is almost ready! Gather a square of your favorite cloth and a hairband/ribbon/string (I used an elastic hairband)