To start out, the original post I found called for six red, six white, and six blue bandannas. You can find them at most dollar stores, or at Walmart. If you buy them from the craft section at Walmart they are 97-cents, but if you buy them from the accessories isle (purses, scarves, handbags, etc) at Walmart, they're $1 each. In this project I only used 3 blue, 3 white, and 4 red (with half left over. You will also need one wreath ring. I've seen people use metal wreath rings with three bars, and I've seen people suggest the floral foam rings. I guess you could use something store bought, but I happened to have this metal ring that once held a pine bough wreath, so that's what I used.
Most guides I found suggested adding stars to the blue area, but the bandana design I used (darker edges around lighter middle) seems to make this wreath look complete without any additional stars.
Total expenses for this project: $9.79 plus tax ($10.57). Retail value estimated at $20-$30. This project took under an hour, but the most time consuming part (aside from washing and drying the blue ones) was pulling the staples out of the bandanas from the packaging.