Good compost has nothing to do with expensive storage bins, it is all in the ingredients. The right mixture of green matter--vegetable and fruit scraps--and brown matter--grass clippings, leaves, and other dry organic material, with a little proper cooking and stirring can be broken down and ready for use in your garden in less than a month.
Layer small twigs on the bottom of your bin or pile area. The twigs will allow air to flow up under and give the pile the opportunity to drain as it decomposes.
Chop pieces small--especially vegetables and fruits. The smaller your ingredients are, the faster they will break down.
Layer ingredients over your twigs, starting with brown matter--shredded newsprint that is not glossy paper, leaves, grass clippings, coffee grounds, and dead flowers or plants that are not weeds. Add veggie and fruit scraps and clean, crushed eggshells next.
Continue layering, trying to keep your pile as close to 50/50 brown and green layers. The closer the mixture is to even, the better the decomposition is going to be. If you are not concerned with having a ready compost in a few weeks, the ratio of brown to green does not have to be so precise.
Water lightly. You need your pile to be moist but not too wet. If it gets too wet, rot will set in, which will stink as the items decompose, and the nutrients will wash away as the pile drains. Cover with a tarp, if need be, to protect it from rain.
Turn regularly, letting the outsides of the pile get into the middle as well. You want the center of the pile to generate heat, which takes place as the brown matter releases nitrogen. Heat will help "cook" the compost, allowing it to break down quickly. Ideally, the temperature in your pile should reach 160 degrees Fahrenheit.