First thing to do is find a suitable location. This is often the most difficult step of the whole process as the following criteria need to be addressed:
-spouse/roommates ok with location, as it does not fit in with most décor and is quite loud when in use
-ceiling joist in a suitable location
-enough room for bag to swing freely
Tools you will need:
stud finder(do not scan yourself till after you work out a few times), drill bits, large screw driver, chair/ladder
40-50lb Heavy bag, bag hanger chains w/ spinner, 1/2" Eye Bolt, boxing gloves, foot pads, foam mat system
Locate joist on either side using joist hanger, mark center with pencil. Drill with a 1/8" bit to create a pilot hole into the stud several inches, measure inner thread diameter of your eye bolt and find a drill bit 1/16" to 1/32" smaller. This will ensure that the eyebolt will be good and tight and not back out during use (don't go too small on the hole diameter or you will not be able to fully screw in the eye bolt and also risk splitting the joist above.)
Hang the heavy bag so that the top is a little above your head - use a chair and a friend for support to figure out how low to hang the chains. It is critical to have a free spinning element, otherwise you will wear out the metal components above and your bag will fall on you eventually or unscrew the eyebolt - none of which are desirable or safe.
I obtained all my chain, spring clips, eyebolts, at the home store - but there are kits that are available which make the process a bit simpler.
By having a heavy bag at home, you will save on gym membership fees, stay fit, keep stress at bay, let out any inner demons on an inanimate object, plus train for any situations should you ever need to defend yourself.