A few weeks ago, I found a pin for homemade Modge Podge. Now, never having used the original, I can't say if it works better or the same, however it does work. Here is a link to the recipe I used:
Basically, it is an Elmer's glue and water combo.
I love monogram's on anything in lots of different varieties of items and styles. In fact, I love them so much I have Pinterest board that is called, Letters, Numbers and Names, Oh My. On that board, I have pinned many different tutorial but the one I chose for the above F letter follows.
I followed her instructions for the decoupage exactly. Before starting I painted the edges with a dark brown, then laid the letter upside down on the scrapbook paper, traced, cut out and was ready to begin. I wasn't sure exactly how it would dry out. It seemed to have a couple of bubbles that I could not smooth out while wet. However, once it dried, it dried smoothly. For a first timer, I think it turned out pretty snappy!
And for those who might be interested, I purchased my letter at Hobby Lobby for .99 cents.