Reddit reviews Wedge Guys Rubber Vise Clamp for Golf Club Repair Regripping Reshafting Refinishing Custom Refurbishment & Replacement – Snugly Protects All Golf Club Shafts, Wedges Irons Drivers Putters & More

Her is how to remove a grip with a compressor:
https://youtu.be/ppuWJoTbqXY
And here is how you install a new grip with a compressor:
https://youtu.be/hkc5iPoKc-A
Most grip tape kits have the tape, the solvent, and a rubber vice clamp. Here is an Amazon link for the rubber vice clamp individually:
Rubber Vise Clamp for Golf Club Shafts, Regripping, Premium Quality by Wedge Guys https://www.amazon.com/dp/B00SA5JBZW/ref=cm_sw_r_cp_apa_OFGazbAVJHA5T

You just place the block around your club and insert that into the clamp. No damage done to your clubs, especially great for composite shafts.

A few things:

First, you can get a club holder from your local superstore or amazon. Its basically a piece of rubber that pops on the shaft and sits down in the vise. https://www.amazon.com/dp/B00SA5JBZW/ref=cm_sw_r_cp_apa_i_Gdy4CbDXE93HF

Second, got a $20 Irwin clamp-on vise from Lowe's

Third, wall alignment laser from Lowe's for $20 I think.
https://www.lowes.com/pd/SKIL-15-ft-Line-Laser-Level/50271757

Last, a paint tray to catch the mineral spirits run-off

Replacing grips is super simple.

Non-consumable Tools:

• Something to hold your club. I use my bench vice and this, but you can make do with a C clamp and an old rag to protect the club.
  
• Something to collect drippage. I use a oil pan like this, but a bucket or any plastic container will do. I like the oil pan because I use the spout to pour left over liquid back into the bottle to re-use.
  
• Something to cut off the old grip. Utility knife with a hook blade is the best, like this.
  
  Consumables:
  
• Grip tape: I’m lazy and use the pre-cut tape, but you can get it cheaper by the roll.
  
• Grip tape solvent: Paint thinner or mineral spirits also work in place of the stuff sold specifically for grip tape.
  
  Big keys:
  
• Use plenty of solvent, using the drip pan let’s you reuse it, so don’t be stingy.
  
• I use a scotch brite pad to help clean off any stubborn residue.

Looks like the ferrule has just slid up. If so, it's cosmetic. Throw a little glue in the gap and tap it down. I use my vice block to do it. Put it on the shaft and use it like a slide hammer to knock the ferrule back into place.

"Prudent" Maybe. But definitely more expensive. ($3 per grip for the whole set adds a bit over the years.)

$15 for tape.
https://smile.amazon.com/Hireko-Grip-Tape-2-Inch-36-Yard/dp/B00J0XU008

$10 Odorless Mineral Sprits: https://smile.amazon.com/Mona-Odorless-Paint-Thinner-16-ounce/dp/B00279I7JS

$5 Shaft grip: https://smile.amazon.com/Wedge-Guys-Refinishing-Refurbishment-Replacement/dp/B00SA5JBZW

(I also add 2" blue painters tape as build up wraps. Easier to clean. But not needed.)

That's enough for 10+ sets of grips, about $4 per set. For the cost of paying someone to do grips one time, I can regrip mine and my friends' clubs a few times each. I don't mind doing the labor.

It's no problem to cut off the old grips and prep for new. I'll cut the old ones off, and apply new tape while sitting in front of the TV. (usually when the wife's not home.) Then take them to the workshop for the messy part.

Seriously just go buy a set of grips off of amazon. You can find good quality grips that will last you a couple of seasons for less than $50. Get some grip solvent $8 and double sided tape $10. Find a rubber clamp to put your clubs in, find a utility knife to take old grips off, and find a workbench with a vice grip. No man should just have to go playing golf without grips and it's much more satisfying to take care of your own grips yourself. I'll even link some cheap stuff to you to make it easy.

https://www.amazon.com/gp/aw/d/B00PO4FYMQ/ref=mp_s_a_1_14?qid=1456932393&sr=8-14&pi=AC_SX236_SY340_QL65&keywords=golf+pride+tour+wrap
Grips I use. Incredibly cheap and feel great. $42 for a set of 8 grips which will get you 3-PW or 4-GW

http://m.dickssportinggoods.com/product/index.jsp?productId=4278304
Double sided grip tape. 15 strips for $5. If you think this is something you would do again in the future then buy the roll of double sided tape off golfsmith for just over $10

http://www.golfsmith.com/product/30089613/clubmaker-grip-solvent-1-quart-fe
Grip solvent. $6.50 on golfsmith. I've heard that there's alternatives that you can use that are cheaper but why not just use the real deal?

http://www.amazon.com/Rubber-Shafts-Regripping-Premium-Quality/dp/B00SA5JBZW
Rubber vise clamp. More important than it looks. Protects the shafts from damage and holds it in place while on the visegrip. $6 on Amazon

All you need from there is a knife of some sort to take off the old grips and clean off old tape and a visegrip to secure your club. Finding a vise might be kind of tough, but sometimes people have them in their garages. If you have a golf friend who does his own grips also he probably wouldn't mind you borrowing it and may even be happy to help. Friend might even have some of his own materials you could borrow.

Estimated total cost of this roughly $65-70 dollars. Really isn't that expensive to purchase everything listed above and if you really shopped around I bet you could find cheaper stuff. Honestly if your playing in tournaments you want to be going in with your best game. You're on a budget and this is about as budget as it gets. If you're going to be playing more tournaments later in the year then maybe sit this one out, use the entry fee to fund your clubs, and then play better or at least more comfortably later in the year.