Reload, and consider casting your bullets too (you can scrounge for scrap lead like a lot of us do, or you can pay for lead. Scrounging up free lead is fun on its own the same way getting free range pick up brass is fun).
Casting my own bullets and reloading (using neck sizing die for the bolt action rifles, so as to extend the life of the brass), I can shoot my milsurp rifles for 8 cents a round, which is what the powder and primers cost. I'm really getting into enjoying my K98 every range trip with my cast lead rounds (slowed down to 1400 fps). I wouldn't enjoy that rifle nearly as much if I had to feed it with commercial ammo (same is true in spades for my M44).
If you get into reloading and you actually save money, you will probably be the first person in history to accomplish this. But, like just about everyone who does it, you will shoot a LOT LOT more for the same $. Let's look at consumable costs, and figure that yes you'll have to spend up to a couple hundred $ to buy a press, dies, and other startup tools and equipment. Ok, so maybe for the cost of a case and a half of 9mm. Do that and don't look back. Now, on to the long term savings based just on the consumables.
I wouldn't shoot anything but .22LR if I had to buy commercial ammo, and I would hardly ever shoot my pistols, especially the 45 and 357. Reloading my own homemade cast bullets though, well. Instead of paying $30 for 100 45ACP rounds at walmart, how does a cost of $4 per 100 sound for 230 grain LRN rounds? How would you like to shoot 9mm, 38, 357, and pretty much any other handgun round for $4 per 100?
If you buy your own bullets to reload instead of casting them, it will cost more than this, but you should still be able to get the cost per round way way down, especially if you use lead bullets instead of plated or jacketed. I haven't priced them in a while but if I recall correctly lead 230 grain .452" bullets might be 10 cents each, so you could still make 100 of those for about$14 per 100. Still about half what the cheap stuff at walmart would cost you.
For me, the best part is that I don't ever have to run to the store to buy ammo before going to the range. If I'm a little low on ammo, I just spend a couple of hours in the evenings the week before and make all I want. I really like that part of it.