12 whole vanilla beans per 16 ounces of 80 proof unflavored alcohol- Vodka, Bourbon, or Rum
16 oz. bottles with lids
Although your initial investment in beans, alcohol, and jars will cost more than just buying a bottle of vanilla extract, this method is actually cheaper in the long run.
60 beans and 80 ounces of alcohol will give you 5 bottles.
Clean your bottles and let dry.
Cut the vanilla beans in half lengthwise with scissors or a knife, leaving a bit intact at the end. Place in the bottles.
Cover with 16 oz. alcohol per bottle. Put the lid on and give them a good shake. Be sure to label the bottles with the date and type of alcohol if you are trying different types.
Place in a cool, dark place and let sit for at least 6 months, 12 is best. Shake once a week.
Reuse:
Once you’ve emptied a bottle, refill it with alcohol, but set it aside in a different spot from the others or mark it differently in some way. 
When you empty another bottle, add the beans from that one to the one you set aside. Let it sit until any older bottles are used before using it. When you again eventually empty the bottle, discard the beans and clean the bottle to start over.