I only was able to complete this project for less than $10 because I happened to have most of the supplies I needed lying around the house already. If this isn't the case for you, it will cost slightly more, but not much.
I had 2 extra 12x12" mirror tiles left over from another project that I've been saving for something creative. When I saw the plans for this picture frame I knew I had a winner. I figured out how much wood I needed and purchased the cheapest type I could that wasn't warped. Since I wanted a bit of the "weathered" look, I didn't mind wood with knots in it. I followed the original plan exactly, the only exception being the specific measurements I knew I needed to fit these mirrors. I also had some extra burlap lying around and made my own stencils for my "M" and "L" monogram letters. After cutting them out, I simply hot glued them directly to the mirrors. Finally, I attached the mirrors to the back of the frames and hung them in place!
I originally wanted more of a rustic look with the paint (similar to the original blue one), but I think the burlap brings that in enough. Overall, I'm very happy with how this turned out!