I found this on Recipezaar.com and I will never buy another boxed mix again. I had to make a few small adjustments to the original recipe, since we like our pancakes a little thicker, but you can easily adjust the milk or flour amounts to your liking. I find it lends itself VERY easily to add-ins as well!
The original author also mentioned that you can pre-mix the dry ingredients and either store or give away as jarred mix gifts...another great and frugal gift idea :)
Basic Pancake Mix
1 1/2 cups flour
2 Tbsp sugar (white or brown)
2 tsp baking powder
1/2 tsp baking soda
1/2 tsp salt
1 cup milk (increase to 1 1/4-1 1/2 cups if you like thinner pancakes)
1 tsp vanilla
2 Tbsp vegetable oil
In a large bowl, combine all dry ingredients.
Make a well in the center, and add the milk. Stir with a whisk until well blended and slightly thicker than your desired consistency.
Add eggs, vanilla, oil and any add-ins you like. Stir to combine well - you can add extra milk or flour at this point if you want to change the consistency at all.
Pour in 1/4 cup measures onto a hot griddle or pan. Cook until bubbly across the surface. Turn over and cook for an additional 45 seconds-1 minute. DO NOT TURN THEM AGAIN! (this makes pancakes rubbery!)
Baking Powder: $0.04
Salt: less than a penny
Grand Total: $0.64 for about 8-10 large pancakes!