I've spent substantially more than is currently in use, but I've learned that all you need to do it this way is (based on what I paid):
75litre Aluminium Kettle: $50
2400W immersion element: $84 (inc delivery from NSW)
1metre Swiss Voile curtain fabric: $7.95 (I sewed it myself and had some nylon sash-cord already).
20litre Willow Jerry (holds 24litre): $13.95 ea from SuperCheapAuto on special. Does this count?
SWMBO tells me that my energy cost per brew is around $2.00, which I believe works out cheaper than barbecue gas.
Now, because I am me, I also bought:
A second immersion element (saves time)
A 20litre bucket to filter water through and to assist with my Dunk-Sparge ($9.95, but you can get them for free if you are cheekier than me)
A weld-less tap for my boiler (installed today, ~$24.00)
A brew stand (two milk crates - ummm... don't remember the cost)
A Mash-Tun Insulation Pack (a couple of bits of heavy corrugated cardboard I wrap around my boiler)
A 15-Amp extension cord that I spliced an in-line switch into: $20)
All the other bits and pieces that I bought as part of the Grande Experiment - $Heaps.
My real point is that if you want to, you can buy enough kit to brew in a bag and enjoy all-grain brewing cheaper than the Other Ways. If you're watching your pennies, you can get there quicker and brew this way until finances allow you to buy the other kit. You might never buy the other kit...
There are people (in Melbourne, no less!) who brew in 20litre plastic buckets with jug elements installed in them. I saw a two-for-one electric kettle deal in the supermarket last week, so you could have a boiler (or HLT) that would do perfectly fine for 15litre batches for $20 with a spare element if you wanted.
I don't want to sound too evangelistic (perhaps it's too late?

). Nor do I want people to get put off all-grain brewing due to perceived complexity and/or cost of entry.
All-grain beer is just too good to pass by.

No Mash Tun. No Chill.
No confirmed fatalities.