If you have ribbon and yarn on hand, you can do this project without spending a penny. You just need an old sweater and some basic sewing skills.
Create a pattern to get the exact shape you want. Draw a stocking shape on brown craft paper or a paper bag and then cut it out.
Turn the sweater inside out and lay it on the table with the bottom edge aligned straight. Center the paper stocking pattern on the sweater with the foot facing the sweater collar. Lower the pattern enough so that the bottom of the sweater can be folded over to form the cuff of your stocking. Trace the pattern using a fabric marker.
Remove the pattern and pin enough so the sweater material doesn't shift as you sew.
Starting on one side of the bottom of the sweater (the top of your sock), sew all the way around using the traced line as a guide. Leave the top open and the topstitch at the beginning and end.
Cut the sweater stocking leaving a 3/4" seam allowance.
Turn the stocking to the right and fold the top down like a fist. Sew a piece of ribbon to the stocking so you can hang it.
Now you have a great, easy and quick upcycled stocking that looks like you did it yourself.