Vanilla essence/extract is one basic flavouring used in many recipes; basic sponge, butter or cupcakes. For a novice baker, the cheapest and most convenient way to get vanilla essence is from supermarkets or baking stores, e.g. Bake King's vanilla essence ($1.35 per bottle of 26ml).
However, after baking for some time, one will realise that the taste of the baked product depends heavily on the type of ingredients used. By that I am referring to the specifics; i.e. brand of butter, flour, etc. With so many commercial brands available, quality and price are two things I look out for when I buy my ingredients. Best-value-for-money is my mantra.
So why not invest in making your own vanilla essence? It is much simpler than you think; all you need is some good quality vanilla beans and vodka.