I made mine even faster - I didn't serge or do anything to the waist - I just sewed it right on to the elastic. And then I just serged the bottom - no hemming. Seriously, 10 minutes max.
First I made it for the Summer School Outfit Fail, pictured on the left. Once I switched out the shirt for one more plain and form-fitting, the skirt looked so much better, pictured on the right - see:
rolled flower I added (yep, just hot-glued it on) to the waistband.
Now, to find some 60 in. wide fabric and make myself one......