Whilst a solid theoretical foundation is important in any undergraduate engineering program, practical exercises and educational laboratories play an equally vital role in educating knowledgeable and skillful engineers that can immediately enter the industry without requiring extensive practical training. However, with the ongoing rapid advancements in technology, a constant challenge faced by educators is the need to design new and relevant laboratory projects. This can be a time-consuming and costly affair, which, if neglected, will lead to outdated laboratory projects and a degradation in learning outcomes for the students. Here, we present an approach that can overcome this challenge by means of low-cost modern equipment and supervised student labor, exemplified by the development of three different laboratory projects designed for electrical engineering students.