i too wanted a setup that didn't cost an arm and a leg.
DH & i do not have any debt and i wasn't about to take a loan for a setup either.
i purchased a used frame with all the extras from craigs list for $600 - i got the Grace Pinnacle because it went up to king size and could handle an 18 inch throat if i ever decide to upgrade.
then i purchased the Juki 98Q new when the 2010 models came out for $450.
so my setup came to $1050 which left me some money for rulers and pantos.
if you don't mind used you can pick up some great deals - i waited about a year for my setup but it was well worth the wait considering how much money i saved.