Here are your options. Note that some of the commercial applications have a free demo version, but the limitations of the demo may be too great for your needs.
Font Forge: open source, free. Not all that easy to use, doesn't use standard OS user interface controls. Quite powerful and does a lot. A pretty good choice if you're a technogeek with lots of time and zero money.
TypeTool: $99, the "low end" tool from the makers of FontLab Studio, same interface etcetera. Probably your best choice if you might want to get serious later on, although not terribly easy to use.
FontCreator: $99. They claim massive popularity for it, but I have only heard of one or two people using it in the type community. No comment on quality or interface.
Fontographer: $349, relatively easy to use.
FontLab Studio: $649, not so easy to use, but insanely powerful. The tool used by >90% of professionals and hardcore font developers.
CorelDraw can technically be used to make fonts, but I wouldn't bother unless you already have a copy, which makes it "free" from your POV. Even then... ick. It's like eating soup with a fork. You can do it... kind of.
Regards,
T