Find some awesome fabric, mine is a gorgeous shade of teal/blue in taffeta (Joanns @4.89/yd!). It needs to have some body to it, pick something like a taffata or brocade so it will have body.
Buy some no roll elastic for your waist band. I used low stretch 1.25 inch elastic and needed 2 inches less than my hip measurement (where my skirt sits)
Measure your waist multiply it by 1.75** and that it the length of fabric you will need. Wash/Dry/Iron the fabric as instructed when you get home.
Lay it all out Folded over so that you have approximately 16 inches of two layered fabric (for a 12 inch skirt).
Cut off excess fabric (the single layer fabric). Fold over the top 2.5 inches (of both layers!) and iron this waistband. Sew the elastic tube (the foldover) with a 5/8 inch seam allowance on the rough edge.
Thread the elastic through the tube, pinning the ends to the edge to prevent them from slipping out. Sew the two ends of the skirt together, including the elastic, with a half inch seam allowance and be sure to double stitch the ends!
Thats it! you're done! Now, iron the seam out, add a fitted top and a chunky belt and you are ready to party!
**If you are a Skinny Minny and a total hip calculation of 57 inches or less, you can get away with buying much less fabric if you pick a 57inch wide bolt of fabric. the yardage you ask for is the desired length of skirt+4inches multiplied by 2. For example: 12 in skirt +4 x2 =32inches
57 inch bolt means the fabric is a 57 inch wide strip of fabric and the yardage is length. If making for a child, you could probably even make it using a 45inch bolt.