The first thing you need is a bookcase. Any bookcase will do, as long as you can adjust the heights of the shelves. The first thing you do is remove the top shelf.
This 5 shelf bookcase is sold on Amazon for around $80. You can get one for less or a lot more, depending on where you buy it.
Craig's List has a large section of used furniture, you can probably pick one up there for as little as $20.
Next you will need some bins. These will serve as drawers for small items such as undershirts, socks, shoes, and hats.
Bins are available just about anywhere. The dollar store is a great place to find inexpensive ones.
This one is available from Amazon for around $5 and comes in red, yellow, brown, black and other colors.
Next you will need a spring rod that is as long as the bookcase is wide. It has to fit tight.
Spring rods are available at any big box or hardware store. This one is available on Amazon for around $14
If you want to mix it up, buy somebaskets to give you more storage. A big one is good for a laundry basket, and smaller ones can hold toys or lotions and creams.
These baskets are available from Amazon. The set of three is around $30, and they come in blue, brown, black, red, green and grey. This is the best price I have found for baskets of this size.