Budget Macaroni & Cheese...

[We4]

1 pkg (7 oz) Elbow Macaroni
3 tbsp butter/margarine
3 tbsp all-purpose flour
1/4 tsp salt
dash pepper
1 cup milk
1 cup (4 ounces) shredded cheddar cheese

Cook the macaroni according to package directions. Drain and keep warm. In a saucepan over medium-low heat, melt the butter. Add flour, salt and pepper; stir to make a smooth paste. Gradually add milk, stirring constantly. Heat and stir until thickened (sort of like a gravy). Remove from heat; stir in cheese until melted. Pour over macaroni and mix well.
Yield: 4 servings.
From: Best of Taste of Home The First 10 Years cookbook

PS- I also put it all in a casserole dish, heated oven to broil, I sprinkled more shredded cheddar cheese on top and crumbled up either some potato chips or crackers and sprinkled them on top. Broil approximately 3-5 minutes or until top is bubbly and golden brown.