Make a bed in terraria - how?

Once spawn's set you can also sleep in it. Right click it again and time speeds up as long as nothing hostile is nearby. Good for skipping nights early on when you can't fight anything.

15 wood and 5 silk at a sawmill. silk is 7 cobwebs at a loom, cobwebs are all over the underground. the part that trips people up: right clicking the bed only sets your spawn if it's inside a valid house, so if it says nothing, check the room.