I would urge you to consider a proper yarn bob tied on a hook, rather than a mere bung, as they do catch fish! You tie it almost like those French "cone" flies. Whip four to six short lengths of artificial wool, about one inch long,to the hook, just above the bend and take the thread back up, whipping in the wool to just below the eye. Put in either a number of half-hitches or a four or five turn whip finish.
Some use a hackle, wound once, at this point. Perhaps to give the idea of some sort of emerger on steroids! Tease out the strands of wool to form a "shuttlecock" effect. Then just rub "Gink" or vaseline or any other "floatant" well into the strands of you bung before you cast out.
Floats very well, can be tied in a variety of colours of wool. You can make a number of these white, black, orange, light green, yellow, etc., etc. to suit prevailing conditions when fishing. Or even half and half with three strands white and three strands black, or three red and three yellow, etc., etc.
And as it has a hook is technically a "fly" rather than a bung so will perhaps not offend those who would condemn you as a "float fisherman" so much! Plus you might be surprised at the number of fish it will raise.
It is also cheap, as you requested!
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