I am going to be getting lots of free time and during my free time i am going to start making Swimbaits. I first want to try a MS Slammer or AC plug like bait then try to make a shad bait. I am on about a 150$ budget and would like to know what am I going to need to get started. What tools what wood and any other small things.Thanks in Advance.

Come on guys!

The style of baits you want to build are carved on a lathe.   Not sure that you can copy those by hand carving/sanding.   

A coping saw, razor knife, sand paper, drill, wire cutters, and pliers are the only tools needed to get started.

There may be more info on what you are looking for on tackleunderground. They have a section dedicated to hard baits. You may check them out also.

They haven't really answered my questions.  I have searched there but can't find much info.

man if you cant get it from tackleunderground   you never will

Hey, so i'm not much of an expert.

But recently, I also had a bunch of free time and started making my own topwater plugs.

The best wood is most likely balsa, or basswood, or some other wood that is lightweight. Balsa is extremely soft wood, but unbelieviably light. I haven't yet worked with basswood. I got my stick of balsa at a hobby shop.

I couldn't afford a lathe, as i had a limited budget. I started a basic design using a plane, and a dremel drill. To get nice cuts on the wood, even and straight, i used a miter box and saw.

Hope that helps,