I agree, Mod Podge is too expenisve so I buy a big bucket of white, wood glue from the local hardware shop and then thin it down. I use different ratios of water to glue depending on what I am doing, gluing or sealing. So I usually mix one pot of 1:1 for glue and 3:1 (glue:water) for sealing. Hope this helps.I just came across your question today so I am sure you must have found an answer quite awhile ago!
it is possible to make a type of "mod podge" by mixing equal parts of white "elmer's" glue and water it isn't as shiny as mod podge but does work ... the other solution i found is a product called "miracle podge" at my local dollar store
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