Just thought I'll put together some ideas I came up with while building a cheap, scrap built foamy good for newcomers. Basic plans are from http://www.fancyfoam.com/index.php?main_page=product_bundle_info&cPath=87&products_id=309.

Haven't flown it as yet but do not think it will be a problem.

Some tips:
Basic material: 4 mm foam board (sold here under Cosmic brand from Taiwan - have seen similar stuff in India)
Glue used: Mostly different types of Fevicol
Motor: Old Permax 400 from my Easystar (now converted to brushless). Held in place with scotch tape. 5x6 prop used.
Servos: Again scavenged from old Piper
Battery / ESC: New 7.4V, 1200C Durasky LIPO / New 30A brushed-LIPO/NiCD compatible, Chinese
Control Push Rods: Kebab skewer sticks and bent paper clips
Control horns: Cut plastic credit card
Wheel axle: Metal hangar wire passed through cut ear bud stick.
Wing spar: Chopstick
Wheel: Caps from plastic gallon water bottles, glued together
Control surface hinges: Scotch tape

Used Mseal for insulation when I ran out of insulation tape. See pics of ESC - battery connector.

To retain dihedral on wing tips (winglets), make groove and then stuff with Fevicol 5 min epoxy and hold in place
Use Fevicol 5 min epoxy to strengthen weak areas