If you want the cheapest possible setup, but want the as sharp as you can get with these set up get:
Go to your local Goodwill or shoe store, or any place that might have ANYTHING related to leather.
Pick up the largest piece you can find
UNCOATED. Cut that piece of leather into 3 different pieces, evenly sized. Once you have 3 pieces cut out go to your local lowes and buy #4 and #5 polishing compound the 4 is about 4~3 micron and the #5 is somewhere around 2. Now if you have a woodworking store near you you can find Chromium Oxide Honing Compound usually in .5 micron (when actually the chromium content is about 30%, and the actual micron size can go up to 2 in the MSDS this is why we use liquid and powder compound for quality strops).
Application to the leather:
For the #4 compound (it should be white) take it out of the tube, and cut yourself a BIG chuck off it as I find holding the whole stick to be to brittle, and have to little control. Take a lighter and light it (best if you have a zippo/candle) run the leather along the flame until the leather feels warm to the touch. Now touch the compound to the flame (this compound melts quickly so JUST touch it) and quickly do even one way strokes along a piece of leather. Once the leather has a white tinge to it stop. Heat the leather up again, and take a cheap knife or spatualy or something flat, and rub it in a stropping motion across the leather to make the leather absorb the compound.
Repeat with the #5 compound on the next piece of leather.
For the .5micron compound which is usually uses a softer medium that will go into the leather easier heat the leather up, and heat the compound up a little. Rub it into the leather, and then work it into the leather. Then a apply another coat perpendicular to the other coat then work it in.
If you have no budget.
Order Veggie Tanned Cowhide 2 pieces, and order some horse butt (cordovan is best, but strip will do). Order . .5micron diamond spray (liquid or powder .5 chromium oxide will also work), and same .1 micron diamond spray. These require no heat on the leather or anything for the spray spray it onto a piece of cowhide, but make sure you just "tinge" the leather do NOT "coat" it you should still be able to see the pores of the leather if you look closely. For the liquid chromium liquid squirt 2 or 3, if you have a big piece of cow hide, pea sized drops and using your thumb or a napkin work it into the leather and make sure you can still see some of the leathers natural color under it.
Leave the Horse butt clean, and without compound.
Happy stropping
