Frugal-ness: 4/5 Much cheaper than buying ricotta from the shops! (and it tastes nicer too i think!)
Time cost: Under 1/2 an hour if you have all the bits to hang the cheese - if you cant do it over the sink like I do - hang it from a tree outside!
Skill level: Pretty Darn Easy! And yummy to boot!
Fun-ness: Great fun - as is anything you can eat!