S.H.
I have made quilts and quilted pillows.
For quilts, you can use any fabric. Any fabric. My friend, even made a quilt out of cut out fabric swatches from her kids baby clothes & blankets. It was real cute.
You do NOT have to use expensive fabric. I have one that my Grandma made for me when I was a baby... and I STILL have it, its in great condition, and it was just made with the most inexpensive fabrics... because in those days, they were not rich and everyone just made due with whatever they had.
the important thing is, is that you know how to make the stitches... if doing it by hand. Or that you have a sewing machine, if doing it that way.
You can do it either way... BUT doing it by hand takes much longer... and you will need a large sized "hoop" (embroidery hoop), to hold the fabric taut as you stitch and what not. And you will need embroidery thread. That is what I use.
Next, the amount of time it takes to complete a quilt... ALSO depends on how large it is, how large the quilt will be. ie: king sized bed, or baby blanket size??? If just beginning... I would not make a king sized quilt. It can literally take 1+ YEARS to make it.
And, to make the quilt soft/puffy... you will need to buy "batting." To insert as a layer, between 2 layers of fabric. The 2 layers of fabric being the backside of the quilt, and the other side would be the side that has the design or the "display" side. And, you would then stitch together all 3 layers: the backing fabric, the batting in the middle layer, and the front side.
If you just want to learn how to quilt, before you make an actual "quilt"... the best way would to try and make a quilted pillow first. Or a quilted pot holder or something, using different fabric swatches.
I would NOT personally, make a big bed sized quilt if just starting out or just learning... because, it will take a long time to finish. And if you are a typical busy Mom with more than 1 kid... you won't have a ton of time to devote to it, everyday.
For starting out and beginning learning.. maybe even take a class first... then see if you really really want to make a big quilt. It takes devotion. But is real fun.
good luck, quilting is fun,
Susan