There are many options here. You can go either hardware or software.

I use a hardware solution, which is a Boss digital 8 track recorder. I feed
the audio jacks from my instrument into it, record and then burn onto CD.

I then take the CD, download the tunes to my PC and turn them into MP3s
or whatever format I want.

Another option is using either a PC or a MAC (preferred) to record directly
into it via special connections and software (MAC has many great options)
and then convert directly to whatever format you like.

Hope this helps.

Thanks, Steve!

I recorded a CD a few years ago at a recording studio and I'd like to do another one. But this time I'd like to save money and just do it myself if I can do it in such a way that the quality isn't lost. I can't spend a lot on equipment, though, so I'm trying to weigh my options.

I appreciate your help.