Instead of giving Apple money for ringtones on your iPhone for music you already own, here’s a simple set of steps for getting free iPhone ringtones from your MP3s:

1. Select your favorite MP3 from your music collection.
2. Open it in Audacity and trim it down to at most 30 seconds.
3. Import the edited song into iTunes and choose to convert it to M4A format. The file will then be something like yourRingtone.M4A in file explorer.
4. Copy the file and rename the extension to M4R in file explorer (e.g. yourRingtone.M4R).
5. Drag and drop the newly renamed file back into iTunes.
6. Delete the old M4A song to avoid the duplicate.

It’s surely not as simple as a one-click purchase through iTunes, but hey, save yourself a few bucks