I have a small double track N-gauge layout that is in progress. The buy-in cost of railway modelling is quite high, I went for Kato unitrack from Japan which significantly increased my cost but gave me a lot of convenience and simplified electrics (a major plus for me). But a basic double oval of track with a controller, a few points, a couple of locomotives, a short rake of coaches and a few goods wagons is not going to leave you much change from £500. The advantage of n-gauge is that ready to run rolling stock is about half the price of OO, you can buy decent wagon kits for about a fiver a go, a double track layout will fit on a cheap interior door and you can use your layout for 10mm Operation Sealion games.
Two observations about the monetary value of wargaming:
1: Wargamers are cheap. We cavill about pennies when cursory comparison with other hobbies (such as model railways) shows that we don't know how easy we have it. The knock-on effect is that its really hard to make money in wargaming so the commercial side has a casualty rate like the retreat from Moscow.
2: Our perception of the monetary value of wargaming is largely delusional. Ed the Shed, who laboured night and day over a lovingly painted army, puts it up on ebay in the firm belief he's at least doubled the value of the bare figures, whereas the actual state of the market would seem to indicate he's halved it.
That's because buyers factor in the time they'll have to spend stripping and rebasing them. That and the fact that we are, as you mentioned, cheapskates.
I know when to go out
I know when to stay in
Get things done
See, that's largely my point on 'delusional values - because its been that way forever, yet chumps still put their painted stuff up for sale with - shall we say - optimistic prices and an "I know what I've got here" attitude.
I've had a few regular hobbies/sports over the decades. I've generally stuck with them all for a long time. Trail running is new at only really 5 years into it,. Kendo about 20 years, mountain biking 35 years. Very briefly dabbled in almost everything else.
Proportionately speaking kendo probably cost me the most, financially supporting a dojo single handedly for years, sometimes paying thousands of pounds a year in facility hire. Mountain biking has cost the least, an ex-demo bike that cost half the price it should have £2k, rrp was £4k and off I went. Just fuel to the moors/dales. Trail running is a slow burn cost, couple of new trainers each year, few bits of kit and however many races I can enter, usually spend about £400-£500 on race entries (some are nearly £100).
Wargaming, well. I've no idea. Varies massively depending on available war funds. I know Ive spent less and less each year. 2020 saw me selling nearly £1k worth of stuff and probably not buying more than £300 worth. I've probably had as many figures given by you kind gents as Ive bought. I couldnt go back to the good ol days of buying whatever I liked the look of and wouldnt want to. Plan now is to know what I have and enjoy it.
When I was rich I bought a Bachmann N gauge set one day browsing in Monk Bar Models in York. I'd always wanted one and thought of it as an investment if nothing else. Probably had it out x3 times in 20 years. Ebayed it in the clear out for twice what I paid and the buyer told me to bin all the boxes to save postage hassle. Doubt I'll ever buy another set.
The financial cost of a hobby that gives you pleasure is not really relevant for me. I don't gamble, drink heavily or spend my spare cash on much of anything else. In the past I have sold off figures to fund new projects, but there always comes a twinge of regret, especially when 10 years later you think I could really use those guys now, bugger! But regret is a pretty useless way to spend your time. I have a handful of figures in my collections that are older then 10 years, those I have sold are now serving all over the world, which is kinda cool. No, the pennies allow me to buy figures and paints etc, I have more than enough time now, to get them painted and build terrain. I now have the skills and expertise to get myself the kind of toy soldiers that the 11 year old me saw in his mind's eye, so that's a good result. But the money is just a means to an end, because the enjoyment I get from getting together with my wargaming friends, and laying the troops out on a table and spending an all too short weekend in good company is beyond price, and far too valuable. So every pound spent on toy soldiers over the last sixty or so years has been totally worth it. And if, tomorrow it stopped giving me that pleasure, then I'd sell off the lot. But that is highly unlikely. I have got to a stage when my wargaming friends are a damn good bunch, I have eschewed all the assholes from my life, and only have good places to be when playing with the boys. Again, you cannot put a price on that.
Rules? You ask me what rules do I use. No, I don't do rules.