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I am obsessed with DIY hair removal. I have tried it all-epilators, waxing, sugaring, shaving, tweezing, and depilatory creams. Shaving powder is BY FAR my favorite hair removal product.
The powder comes in a can-where I live, the can costs between $1.50 and $2.00. One can comes with enough powder for me to remove all body hair and have some powder left over.
Basically, shaving powder is a depilatory that has not yet been mixed with anything, so it is much more cost effective. The powder is mixed with water to form a paste, applied to unwanted hair, and then removed with a washcloth. As you rub the area with the washcloth, the unwanted hair will be removed.
This stuff does stink. Bad. My whole family complains so much. However, it works very quickly and effectively. I have had much better experiences with this method than other methods. My skin is highly sensitive and prone to ingrown hairs, and this is one of the few methods that does not leave my skin irritated. Plus, aside from my arms and face, I can be hair-free in fifteen minutes.
Personally, I DO use this on the bikini area, but it is NOT recommended, and extreme caution must be used.