I watched this video on how to make a bathmat and thought I'd share. I love to find ways to save money or do things yourself. I'm not sure how I would care for the rug, though. I guess hand wash--I sure wouldn't make a white one!http://ecologue.com/ShowVideo/Eco-Bath-Rug
For a more old-fashioned look, you could take your old towels, cut them into strips, and make a braided bathmat. That might look more old fashioned.
3 hours ago