This is the first (of what will hopefully become a series) of Found Cosplay ideas. You may already have some of this in your closet or you can visit a local consignment shop or thrift store to piece it together.
"Hobbits really are amazing creatures, as I have said before. You can learn all that there is to know about their ways in a month, and yet after a hundred years they can still surprise you at a pinch." --The Lord of the Rings, The Fellowship of the Ring, Book I, Chapter 2: "The Shadow of the Past"