There is a great tutorial with 26 different ways to make felt flowers and felt is so inexpensive, your costs will still be low. (sunshineandhurricanes.com)
After you are done, you can make some simple felt flowers to hot glue to the wreath. (simplydesigning.porch.com)
In this tutorial, you are going to see a detailed instruction on making colorful felt flower pot for house decoration with felt craft material kit. (craftstylish.com)