I made a bio myself recently, not because of cost but because I wanted to learn the process.
As for what you'll need, I think I used about 20 pounds of oil based clay, at least this is reusable if you're going to sculpt again in the future.
To make the mould you'll need a silicone, the bio will use up all the kit, which I think was a 5kg kit. Applying this silicone and waiting 24 hours to pull it off was nerve wracking, you only get one chance with the silicone. You'll now need to buy the resin, I used far too much in the first pull I made so it weighs far too much to wear, you only get about 2 minutes working time with this stuff.
As to whether it's cheaper to make one yourself I don't know, the stuff I mentioned isn't cheap to buy.
There are plenty of good huntorials on the site, I read as much into it as I could before starting, and other members were only too happy to help with anything I wasn't sure about - good luck with it, I really enjoyed doing mine, it's very satisfying.