I use my backpack strapped to one side, and a soft cooler I bought from Family Dollar strapped to the other side. Total cost: Less than $30 ($5 for the cooler, $20 for the backpack, and less than $4 for the two 6 foot long web straps I use with them)
It takes me about 2 minutes to put the backpack on or take it off the bike... the cooler I usually just leave on, but it takes another minute to attach or remove.
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"There is no greater wonder than the way the face and character of a woman fit so perfectly in a man's mind, and stay there, and he could never tell you why. It just seems it was the thing he most wanted." Robert Louis Stevenson