I'm guessing about $100 for each baby quilt and $300 for each queen size, including batting, backing and thread.
I have made less expensive baby quilts and do.
I solved this dilemma by budgeting $200 a month for my quilting hobby. I use this anyway I want, to pay a longarmer, or for supplies, etc.
I also budget one vacation a year for $1,000. I hope one day to go to a quilt show and spend it all!!!