I needed new futon covers and had a hard time justifying $600 for the ones I wanted. Instead, I bought the exact fabric I wanted on sale for half price and used the old covers for a pattern. It ended up costing only $100 for the new covers.
King-size sheets can be another good option for making slip covers. King-size pillow cases may fit cushions on the back of the couch without any alteration. Find sheet sets on a clearance rack, perhaps also apply coupons to that sale price, and you might end up with a new slip cover for $30.00 or less!
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