The rapid rise in cement prices and the environmental consequences associated with cement production have raised an urge to look for an alternative to cement. There is an increasing need to recycle waste while minimizing environmental impact. This research aimed to develop affordable and sustainable construction elements by using waste materials as a partial substitute for cement. The goal was to lower construction costs, and reduce environmental impact, all while maintaining the structural integrity of the slabs. M15-grade cement mortar was used in the experimental study, with 15% of the cement replaced by waste with pozzolanic characteristics. A constant water–cement ratio of 0.45 was maintained throughout. The specimens were tested, and the results were compared to control specimens to evaluate the impact of waste incorporation on structural performance, weight reduction, and cost–effectiveness. Experimental testing revealed varying outcomes depending on the type of waste material used. While the inclusion of waste materials generally reduced strength, brick powder retained 81.67% of the compressive strength, and ceramic tile powder maintained 78.76% of the flexural strength compared to the control. Sawdust, however, caused significant strength reductions, limiting its potential for structural use. A key finding is that the incorporation of waste materials led to a 6.13% reduction in the cost of construction elements. All waste materials contributed to considerable weight reductions, indicating lighter structures and potential savings in material and labor costs. The study demonstrates the potential for integrating pozzolanic waste into ferrocement technology, paving the way for more sustainable, lightweight, and cost–effective building materials.