When I *do* get it together to start seeds separately rather than just place them into the ground, I mix about 50/50 screened compost and potting soil. I water from the bottom, regular tap water from the hose, unless I have some rain water from my very primitive rain collector.
You can't get much more low-tech or low-cost. Which is how I was able to afford getting back into gardening in Spring 2008, when I had lost the last of three simultaneous part-time jobs (go figure: a part-time job in a grooming shop b/c I had to stay home and take care of a post-surgery dog). No steady work would be forthcoming for quite some time.
So low-cost was the only way. In California, seeds for food crops, like most basic foods, are not subject to sales tax, so I bought a few seeds. Most of the seeds I used were old ones from previous gardening. Enough of them worked so that I was successful!
So that complex formula again

is 50% screened compost, 50% potting soil.
Cynthia