Printing flyers customized to each customer – DIY Variable Data Printing

I'm looking for a way to print out letters, flyers, etc. that are customized to each customer name from a list.

From what I can find online this is called Variable Data Printing and there seem to be a lot of companies out there that specialize in it for large companies. Have any of you found a DIY way to rig something like this together, or free/cheap software to help with it?

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