Hey Doc,Not to come off as a dick, but if you can afford to dive you can afford a liftbag.
If you're bringing up a weightbelt or anchor, no worries, use a milkjug or pair of jeans with the legs tied off or something.
But there are at least 4 accounts on SB, that I recall off-hand, of guys getting killed trying to lift objects underwater with insufficient rigging or redneck-engineered solutions. If you're lifting cars or outboard engines or watersoaked lumber it can get away from you fast, and it still has enough mass to hurt or kill you. Use tools that will keep you safe.
Be careful down there...
This is the DIY section. Do not give DIR answers to non-DIR questions.
;-)
As suggested, you can make a lift bag with a duffle bay or if you go to the feed store get a burlap sack and use a trash bin linner. For heavy lifting, I have used 55 gal drums with a quater turn ball valve brazed into the top. A few things to remember: Use as few lift bags (one if possible) as you can for any one job. Make the bag hold just enough air to lift the object so that any expanding air will just spill out the bottom and not keep inflating on the way up. Get lots of practice starting small/light and work your way to the heavy stuff.
couv