It can be or it can't be. I started a couple of years ago (maybe 3?) and when I did, I spent about $120 for everything. Since then, I've spent a total of about $50. That includes blades and soap.

Really, to get started all you need is a razor and blades, then you can buy the soaps or creams piecemeal as you go. A lot of manufacturers will give you free (or cheap) samples of their products, so you can try before you buy.

My recommendations for starting out are: razor blades

You can get a cheaper razor, but I recommend a longer handle. You can also find nice older ones at antique shops for really cheap if you're willing to clean them up before using them. I'm not that patient, but maybe you are. The blades are a variety pack, so you can get an idea of what you like because they're all a little bit different. The last time I replaced my blades I bought these because they're really cheap (less than 10¢ per blade) and I like them a lot.

Eventually you might want to get a brush and some fancy soap, but I've seen brushes at Walmart for $5 or less.

There's a lot of fancy lingo that goes into wet shaving, but it's really not a whole lot different than using disposables. The only real differences are that you have to take better care of your skin (shucks), you don't have to press as hard with the razor, and you control the angle of the blade (a blessing and a curse.)

If you have any questions, please ask! There's also always the sidebars at /r/ladyshavers and /r/wicked_edge!