I have found thru the years that the cost of reloading is approximately equal to the cost of promotional shells (estates, gun club, whatever cheapie is on sale)

BUT

my shells are reloaded the way I want them. (as someone else mentioned), low pressure, low oz loads. Odd shot sizes, etc with a clean burning powder.

reload shells are the equivalent of AA/STS priced shells, not the promo ones.

Plus ,the cost goes down the more you can reuse the hulls.