Bear in mind, different species have different needs, eg Dawn Redwood likes a lot of moisture in the soil, Junipers don't, so while bonsai soil always needs to be free draining you need to look at what you are growing, and what conditions it needs. Experiment by all means, I use sieved potting compost with a greater or lesser proportion of inorganic material depending on the tree, vermiculite is useful and fairly cheap if bought in bulk, there are various opinions on cat litter (not the type which goes to mush when wet!), personally I find it useful and inexpensive.
Dave