Mic stands aren't incredibly expensive by any means, but if you want to save yourself money, Instructables user Gabezilla found that you can build a really sturdy DIY alternative out of PVC pipe. This project can also create a boom pole, and those are far more expensive to buy.
The project is very easy to accomplish. All you really need is a variety of PVC parts that you can obtain from your local hardware store. You just need to cut them to the right length, assemble, and there you have your mic stand or boom pole. Hit up Instructables for the full how-to.
DIY Microphone Stand [Instructables]