I bought a safety razor and some of the fancy bowl shaving soap back in 2012 all in for about 200 dollars. I still have every last one with years left in them. I probably have enough razors for another 5 years.
Shaving is one area I refuse to go cheap.
Similar situation here. Before getting serious about ER I had gone hard down the rabbit hole of fancy wet-shaving. I had numerous razors (including straight razors valued in the hundreds), soaps, brushes, and had even gone as far as to stockpile new old stock (NOS) blades such as Personna 74's and Gillette Stainless. You know, the blades your dad shaved with. I finally wised up and sold off all of my NOS blades and collectible razors and with some of the proceeds bought enough blades and soaps to last 20 years or more. The rest went in the bank. I have amortized my shaving cost to around $9 a year.
If you want a good look at how a basic function such as shaving can be turned into an obsession, pay a visit to the Badger and Blade website. I no longer post there, as I'm more interested isn saving money than spending it.
Got a safety razor almost two years ago. Bought a boar hair brush, a case of Arko shaving soap, and a pack of Astra blades. The razor blades lasted me about a year. A stick of Arko lasts months. So $10 a year for blades is about as frugal as it gets next to having a beard. Like others said I cannot imagine just using water to shave. I would be miserable from the irritation.
I like Arko, and am a huge fan of shaving sticks. My personal favorite is Speick, which runs a bit more than Arko. But Arko lasts forever. I also stocked up on La Toja sticks when they were on sale and am probably set for life. I use a cheap synthetic brush and Super Irridium blades and get a far better shave than I ever did with canned goop and multi-bladed razors.
Wet shaving with a single bladed razor can be very Mustachian. Blades run around 10 cents each, actual shaving soap is cheap and lasts longer than the canned crap, and is designed specifically for shaving. Safety razors can be had for $10. In the long fun, shaving with a double edged blade is much more economical than using canned goo and a multi-blade razor.