I wish I had known how inexpensive weaving could be, way back when. This tutorial on Weavezine shows that just about anyone can start to weave on a loom with very little loom expense. The instructions are very detailed and include four videos. If you have about 30 minutes to spare, this is a great lesson.
http://weavezine.com/projects-your-loomBackstrap Loom Basics
I might try it with my grandchildren.