Inspired by Patrick's design I made a pair of squat stands for Danielle and I to use. Because two people of different heights are supposed to use it, I came up with this design. It improves Patrick's design in that there's something to (gently) run into, so it requires less finesse to put the bar down after a heavy squat.
Construction is pretty straightforward. Buy yourself enough 2x4 to cut the 5 lengths for each stand. I got 5 10' pieces of 2x4. Cut them to the desired lengths. Glue and screw them together. In my pictures, the black lines indicate where I put screws. I have a set of screws at the top, in the middle, and in the bottom. You can use bolts, or whatever. I just happened to have a bunch of 3" screws sitting around so I used them. Then stand your wood up in the 5 gallon bucket, and fill with concrete until almost the top. Each bucket has about 45 lbs of quick set concrete in them. It seems usable after 24 hours, but it's definitely not completely set yet at that time. Patrick let his sit for 2 days. I just wasn't that patient.
The stands are pretty usable. It's easy to rock them side to side, but as long as the bar doesn't go over the bottom edge of the bucket, the stands will just rock back to their stable position. It's not as nice as a rack, but it's a lot cheaper. I spent less than $50 on it all, and about a day on construction. If you have a miter saw, you'll spend a lot less time.