For decades I've used butcher paper I buy in 100 yd. rolls cheap. I just cut targets from the 2 ft. wide paper by either cutting it 2 ft. x 2 ft. or cutting 12" squares, depending on the distance I'm shooting. I've used either a big felt pen to mark a bullseye, or bought rolls of black target pasters and just sticking them in the center. One side is waxed and shiny, the other is untreated and flat color. I stick or mark the dull side with the bullseye.
These 100 yd. rolls last a very long time!
These 100 yd. rolls last a very long time!