Homemade Vanilla Extract is hands down way better quality and far more cost efficient than anything you can buy at the store. Easily made with just two ingredients--vanilla beans and alcohol--it is worth making at home.
To begin a batch of extract, use a ratio of 1 ounce of beans to 1 cup (8 ounces) of alcohol.
Cut off the ends of the beans and set aside. Then, carefully run a knife down the center, exposing the vanilla caviar inside of it. Alternatively you can chop the vanilla bean in to ½” pieces.
Place both the cut ends and the split bean inside of an 8 ounce jar.
Pour the alcohol in the jar to cover the bean completely. Cover the jar and store in a cool and dark place for at least 6 weeks, but better to wait for 6-12 months to use the extract as it will be stronger.
The recipe and post has a lot more information about the process and how to keep an endless supply of extract.