I put a price tag on my hobby this way: 3 yards fabric, thread, batting, backing - $XX; hours spent washing, ironing fabrics, cutting, sewing - 3 days' worth of salaried position; 'cursing', lack of sleep, etc - think of how much you'd spend with a psychiatrist; the smile and hugs you'd get from the recipient - PRICELESS.
I have already purchased all the gadgets and tools necessary for quilting, and have also bought a quilting frame and a brand new sewing machine. Since I am presently on medical leave and nearing retirement, I do watch how much I spend on fabrics. I search bargain both online and at my LQS, and unless I get a request for specific fabrics I go for the bargain stuff, not the cheap ones, but items like 'discontinued' or end of the bolt pieces.