If you have some, you can use ratchet strap tie downs (like you use in a pickup truck) as tree straps. I actually scavenged the webbing out of a cheap set from harbor freight, and that's what I use all the time. Only cost a couple bucks and weighs a lot less than my ENO Atlas straps.

Take 5 minutes and watch THIS SHUG EMERY YouTube video and he'll teach you how to tie a Marlin spike hitch. That's all you need to know, and all you need is a stick. No fancy hardware necessary.

I actually have this cheap $15 hammock... Lixada UL

It's under 7 ounces including the carabiners, and actually nicely made. It is on the small side though, I'm 5'7" and I'd say I'm pushing it on height for comfort. I usually sacrifice the weight and carry one of my larger hammocks.