The polarized optical microscope (POM) is an invaluable tool for characterizing materials such as liquid crystals and other optically anisotropic materials. Despite its frequent use in research settings, students are rarely introduced to its fundamental operation and importance. Curricula are starting to appear for applications of the POM in undergraduate settings; however, the initial startup cost can be a deterring factor, with each microscope costing thousands of dollars. Herein, we provide a blueprint for the construction of an economical POM with a heating stage and digital connection for facile recording of data, totaling about $150-200. We subsequently demonstrate its effective application in visualizing liquid crystals.