I'd have to go way back for my "ghetto" setups. Started on matcha with a, um... ceramic water bowl (yes, my dogs now use it, and yes, it was indeed made for dogs.

) and a wire whisk.
My very first yixing, I picked up for a very small amount at a local shop. It's a decent one, and I still use it occasionally. My setup at work is the simplest and least expensive. If I had known the good places to buy, it would have been even cheaper (andao for teatable, especially.) But before that I just used a large watertight tray. Cheap and easy to clean. Ugly, but functional.
But going back before I "got into" tea, I did drink looseleaf tea, I just made it in a cheapo coffee press - and didn't do the press, just used the filter. Cheap teapot on the stove, and a mug. Worked great, and I still use this system frequently (although I have a zoji now, so no more stovetop teapots.

)
My current work setup (plus some nosy little visitors):
While each of the components have been "upgraded," it's still pretty bare-bones. Out of sight is a $5 porcelain gaiwan, and a $1 metal strainer. The faircup was $4, tea tray was too much, but the same one at Andao is only $20 I think. The cup is of course Seigan, but the other cup I use at work is a $2.50 cup from Uwajimaya. My little yixing was around $18, a nice little find at the local shop. I use the UtiliTea from Adagio as my water boiler and LOVE it, but prior to that I used a cordless hot pot that I got at the dollar store for $10.
If I went with only the necessary articles, and the gaiwan instead of the yixing, the original boiler and the inexpensive cup as my setup, and used a scrounged kitchen object for my tray/dripcatcher, the whole thing would cost (assuming $20 for the bamboo tea tray,)
Basics:
Boiler $10
Cup $2.50
Gaiwan $5
Strainer $1
_______
$18.50
Add:
Tray $20
Faircup $4
______
$42.50 Total for a full gaiwan-based setup.
Your mug-to-mug method through a strainer accomplishes the same thing, so really you have everything you need, and the rest is aesthetics. True the proper teaware can enhance some fine teas, but having food is surely more important than having all the "right" stuff, yeah?