There are so many great free patterns out there on the World Wide Web, that I thought I would start sharing some of the great ones I've found out there.
$5 in Paris is a classic raglan sweater designed by Anna Peck-Maliszewski from
Knitting Up a Storm. It makes a perfect gift or is great as a wardrobe staple in your own closet. It can be easily modified and the yarn suggested won't break the bank! I made the pink and gray one pictured above for my sister a few years back. It's still one of her favorites.
Check out the
Ravelry page and look at all of the great modifications out there.