How to Make a Receiving Blanket

I had flannel fabric and regular cotton fabric and I wanted to make a receiving blanket for my little one coming this fall. I basically put the good side of the fabric back to back, stitched it up - like you would do for a pillow - leaving a little open, and pulled it inside out and then stitched a fancy stitch around the edge. Here's the site, I got the idea from. They have more detailed instructions. If you don't have fabric lying around, I am not sure how cost effective this is to make. Fabric usually runs four to six dollars a yard, unless you find some super cheap and on clearance. I have seen four packs of receiving blankets at T.J. Max, Ross, and Burlington Coat Factory for around seven dollars. I do like my receiving blanket better than the ones at the store, it's thicker, softer and cuter.