But, if someone is going to make a meaningful comparison of what they are "saving" by reloading, then they need to make the computation using what the cost accountants call "full absorption accounting". This takes into account ALL costs that go into both the reloaded ammunition (including cost of the components, the value of time, the value of the space the equipment occupies, pro-rata share of utilities, etc.) versus the cost of the factory ammunition (including time to go purchase it, the cost of driving to the store, sales tax, etc.). Unless you value your time at about the same level as a Bangladeshi child chained to a sewing machine making clothes for the American market, there is unlikely to be any savings.
I agree if the only goal is to save money, you only load a few calibers and you would be doing something productive (I.e. income producing) with the time spent reloading. I guess everyone is different- I started reloading back when I had a high stress job, so, for me, there was a therapeutic component. I enjoy loading ammo and it provided an escape from the job pressures. If I applied "full absorption accounting", I would also have to deduct the cost of therapy sessions and bar tabs if I didn't reload (I would have to do something with the free time and I was on salary, so extra work hours didn't get me anything). I figure the money I saved on alcohol and therapy sessions is more than I have spent on equipment and components, so my "savings" is darn near 100%
The real problem with the cost analysis (for me) is the irresistible urge to buy guns in different calibers just so I can reload the cartridges, even if the costs are higher. I started loading 308 to save money, but I found that I like reloading just as much a shooting. Seven years later, I now have over 70 hand guns and long guns. I reload for 54 guns (31 different calibers- the rest are either 22lr or black powder). I still don't have a 357 magnum or a 40 cal handgun, and most of my long guns are WWI and WWII and shotguns (yes- I load shotgun for more than target loads cost), so I still have lots of calibers to add to the collection. When I add in the cost of the guns, the savings goes into negative numbers, especially if New York State decides to confiscate my weapons before my heirs can sell them (I can't bring myself to sell any of them myself. One of my saddest experiences at a gun show was a conversation with a guy who was selling his gun collection because no one in his family was interested in keeping them). As the number of guns increases, it is harder to shoot each one enough to justify loading the ammo. For example, I have a Nagant revolver that I load rounds for. Since it is an obscure cartridge, I save at least 16 cents in component costs per round, but I shoot less than 50 rounds every few years, so the payback for just the dies is something around 15-20 years. Fortunately, the reverse is also true. I load 7.62x39 for 6 cents more than factory, but since I don't shoot my AK47 and SKS very often, I don't lose a lot of money even though I will never recover the cost of the dies (same goes for my 7.62x54R nagant rounds).
All that being said, my logs show that the 18,000 rounds I have loaded cost about $1,500 less than the cost of the components and equipment. (The savings would be more if I didn't have 9 presses, a tumbler and sonic cleaner that I no longer use since I switched to wet tumbling, a couple of powder measures I no longer use since I got my electronic dispenser,I spent a lot of time and money on various lube processes until I switched to powder coating, a shot maker that I played with but seldom use, etc). The savings also doesn't factor in the value of the equipment I own.
The calibers you reload also make a difference. As noted above, 9MM, 223 and other popular calibers currently don't offer much savings over factory ammo. Other (mostly older rifle and larger pistol) calibers offer more savings. For example, I save over $1.62 per round for my S&W 500, $1.20 for my 30-40 Krag, and $.35 for 44 Mag, all are over 75% less than factory ammo. Since I load more of these calibers, my savings are more than someone with a 9MM pistol and and 223 AR15, and they make up for the calibers that save less or cost more than factory loads.
Then there are the intangibles- I still remember the first handload I fired and the satisfaction of seeing the holes in the target from ammo I made, I have loads for my S&W 500 and 44Mag S&W model 29 that don't break my wrists after 2 rounds (that becomes more important as you get older- trust me), I have light 30 30 loads that I shoot at bottles on my pistol range that don't burn up the barrel and higher power loads that work out to 100 yards, I cast and load 45-70 for 21 cents a round (compared to $1.25+ for purchased ammo) so I don't worry about cost when I take out my Sharps 1898 or Springfield trap door. I have a lot of old military guns I bought at shows for $200-$300, and most of them are still incredibly accurate once you find the right load. My son can drive nails with my Swiss K31 and my handloads (I wish I still had his eyes), I have so much powder, primers, bullets, and lead (for casting) in inventory that I could have easily survived a Hillary presidency and I have no fear of a Zombie Apocalypse since I will run out of zombies before I run out of ammo (and I will actually have a use for my 2 M1919s (semi-auto, remember, I live in New York)).
Compared to hdwit and a lot of other guys on this forum, at 18,000 rounds loaded over 7 years, I am still a newbie. But I do agree that, in terms of dollars spent, reloading will not save most guys any money, since they will shoot more, buy more equipment, buy more guns, etc. Reloading will allow you to shoot more, learn more and get more satisfaction from the shooting sports, especially if you follow the advice of the experienced guys on this forum. A modest investment in components will help you through tough times like the Obama years. I also agree with the guys on this forum who recommend to start small and build up your equipment over time. Starter kits can get you loading quickly for a relatively small investment, but a little bit of time on this forum can help you avoid spending money on things you will not use or will replace with something different somewhere down the road. when I started, I bought an RCBS rockchucker kit. Over the last 7 years, I have replaced most of the tools in the kit, but it did allow me to load several rifle calibers without spending a lot of money on extras and give me the opportunity to decide if reloading was something I was interested in pursuing.